Economic fluctuations in the United States have been less extreme since the 1950s
a. True
b. False
Indicate whether the statement is true or false
True
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Implicit cost involves a direct cash payment for the use of a resource
a. True b. False
Realizing the problems with import substitution, some Asian countries have instead:
A. supported export-led growth. B. become isolationist, like North Korea. C. practiced contractionary monetary policy. D. worked to maintain a fixed exchange rate.
Aneta has owned an Italian sports car for several years and now she wants to sell it. She paid $8,500 for it in 1993 and she has just sold it for $39,000 in 2015. How is this sale included in the GDP for 2015?
A. $8,500 is included in 2015 GDP. B. $39,000 is included in 2015 GDP. C. The increase in value of $10,500 is included in 2015 GDP. D. It is not included in 2015 GDP.
A perfectly elastic demand curve is
A. horizontal. B. vertical. C. upward sloping. D. downward sloping.