Refer to the above table. Which product would be an inferior good?
A. Product W
B. Product X
C. Product Y
D. Product Z
C. Product Y
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Refer to Figure 9-2. With the tariff in place, the United States consumes
A) 9 million pounds of rice. B) 15 million pounds of rice. C) 31 million pounds of rice. D) 42 million pounds of rice.
Bob owns 5 acres of land. Bob sells the land to a real estate developer who builds a subdivision with 10 houses. The land is an example of a good that is
a. both rival in consumption and excludable. b. neither rival in consumption nor excludable. c. excludable, but not rival in consumption. d. rival in consumption, but not excludable.
GDP understates the amount of economic production in the United States because it excludes ________.
A. spending for the U.S. military B. purchases of stocks and bonds C. work performed by households for their own benefit D. transfer payments
Refer to Table 19-30. Based on the table above, what is personal income for this economy?
A) $1,950 billion B) $2,030 billion C) $2,450 billion D) $5,130 billion