Which statement is true?
A. In China today, the private sector produces no more than 10% of the country's goods and services.
B. Under communism in the Soviet Union, the private sector was almost as large as the government sector.
C. In the American economy today, the public sector is almost as large as the private sector.
D. None of the statements are true.
D. None of the statements are true.
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Suppose that a firm can invest $100 today in a project and receive $105 a year from today. There is no inflation, and the annual interest rate in the economy is 4%. The firm should
A) invest in the project because the opportunity cost is the same as the return on the investment. B) invest in the project because the opportunity cost is greater than the return on the investment. C) invest in the project because the opportunity cost is less than the return on the investment. D) not invest in the project because the opportunity cost is less than the return on the investment.
The price elasticity of demand is a measure of
A) the equilibrium price of a product. B) buyers' responsiveness to changes in the price of a product. C) the amount of a product purchased when income increases. D) whether a product is a substitute or a complement. E) how much a change in demand affects the equilibrium price.
Long-run full-employment equilibrium assumes: a. a downward-sloping production function. b. a downward-sloping long-run supply curve (LRAS)
c. the CPI index price level equals the equilibrium wage rate. d. the CPI equals aggregate demand (AD) equals short-run aggregate supply (SRAS) equals long-run aggregate supply (LRAS).
The selling of a good or service abroad at a price below what is charged in the home market or below the cost of production is referred to as
A. dumping. B. recycling. C. a tariff. D. a quota.