TANF stands for _____
a. Temporary Aid to Needy Families
b. Temporary Assistance to Needy Families
c. Transitory Aid to Needy Families
d. Transitory Assistance to Needy Families
a
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Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
If this economy was entirely closed to international trade, equilibrium price and quantity would be
A. Pa and x. B. Pc and z. C. Pa and z. D. Pc and v.
To decrease buyer power, the firm can
a. Differentiate its product b. Decrease dependency on a single buyer c. Sell its products in locations with multiple buyers d. All of the above
Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.
a. income gap b. market equilibrium c. law of demand d. price model
The following provides data for an economy in a certain year. Consumption expenditures$50Imports$40Government purchases of goods and services$20Construction of new homes and apartments$30Sales of existing homes and apartments$40Exports$50Government payments to retirees$10Household purchases of durable goods$20Beginning-of-year inventory$10End-of-year inventory$20Business fixed investment$30Given the data, compute the value of GDP.
A. $140 B. $160 C. $130 D. $150