A surplus item is
A) the import of goods or services that is not needed by residents of a country.
B) the import or export of products that are by-products of the manufacturing of export goods.
C) any transaction that leads to a receipt by a resident of a country or its government.
D) any transaction that leads to a payment by a resident of a country or its government.
Answer: C
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Most economists agree that ________ are the single most important source of productivity improvements.
A. increases in physical capital B. discoveries of natural resources C. technological advances D. increases in human capital
Which statement about the Federal Reserve Board of Governors is true?
a. The members of the Board of Governors are appointed every four years. b. The chair of the Board of Governors is usually a career politician. c. Members are appointed by the president with Senate approval. d. Members are democratically selected by the 12 banks that make up the Fed.
The price elasticity of demand coefficient for a good will be greater:
A. if close substitutes exist. B. if minor complements exist. C. in the short-run. D. if a small portion of the budget will be spent on it.
Related to the Economics in Practice on page 131: Uber drivers can choose to drive as many or as few hours as they desire, and most drivers have another job and drive for Uber as a way to supplement their income. Assuming leisure is a normal good, if Uber increased the wages it paid its drivers then the substitution effect would result in drivers working ________ and buying ________ leisure.
A. less; less B. less; more C. more; less D. more; more