Several private houses built in a country during a certain year got damaged due to an earthquake. Which of the following is likely to happen due to this damage?
A) National net worth will decrease
B) The country's GDP will decrease.
C) The trade deficit of the country will increase.
D) The trade surplus of the country will increase.
Answer: A) National net worth will decrease
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If demand is inelastic and the price of a product decreases by 10 percent, then
A) the change in quantity demanded is less than 10 percent. B) the change in quantity demanded is equal to 10 percent. C) the change in quantity demanded is greater than 10 percent. D) the decrease in quantity demanded is greater than 0 percent.
A four-firm concentration ratio of 60 percent would indicate the likely presence of oligopoly
Indicate whether the statement is true or false
If the economy's full-employment output is $12 trillion, actual output is $10 trillion, and the budget deficit is $2 trillion, the deficit in this case is known as a
A. natural employment deficit. B. cyclical deficit. C. debt deficit. D. structural deficit.
Price is determined
A. mainly by demand. B. mainly by supply. C. equally by demand and supply. D. by neither supply nor demand.