(The following national income data are in billions of dollars.)
Refer to the above data. This nation's GDP is:
A.
$315 billion
B.
$324 billion
C.
$305 billion
D.
$367 billion
C.
$305 billion
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The supply curve of a natural resource like oil has a positive slope because
a. the supply becomes closer to exhaustion as demand rises. b. it becomes more costly to find and develop supplies as demand rises. c. rents rise as output increases. d. indirect taxes rise with output.
In the United States from 1949 to 2010, the vast majority of economic growth has been a result of the contribution from
A) capital. B) labor. C) total factor productivity. D) Capital, labor, and total factor productivity have contributed about equally to economic growth.
In the debate between the critics and defenders of advertising, what conclusion have policymakers come to regarding the effect of advertising on competition - advertising makes markets more competitive or less competitive?
If purchasing-power parity holds, when a country's central bank increases the money supply, its
a. price level rises and its currency appreciates relative to other currencies in the world. b. price level rises and its currency depreciates relative to other currencies in the world. c. price level falls and its currency appreciates relative to other currencies in the world. d. price level falls and its currency depreciates relative to other currencies in the world.