Which of the following refers to the total quantity and quality of goods and services that can be purchased with the currency used in a country's economic system?
a. Standard of living
b. Purchasing power
c. GDP per capita
d. Gross National Product (GNP)
Answer: a. Standard of living
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The following economy produces two products.ProductsProduction Possibilities?ABCDEFTanks012345Autos10009508506503500Given the production possibilities schedule above, a combination of three tanks and 350 autos:
A. cannot be produced by society, given its current level of resources and production technology. B. illustrates the trade-off between tanks and autos. C. is not attainable because this combination is not listed in the schedule. D. is attainable but involves the unemployment or inefficient use of some of society's resources.
The latest model car in the dealer's showroom has a sticker price of $35,000.00. Fred, the shopper, has decided that he would pay no more than $32,000.00 for the car
After two hours of bargaining with the saleswoman, Fred actually purchases the car for $31,000.00. Fred, therefore, has obtained a consumer surplus of A) $35,000.00. B) $32,000.00. C) $4,000.00. D) $1,000.00.
By the 2000s, an important change in the mortgage market had occurred when ________ became significant participants in the secondary market for mortgages
A) Federal Reserve Banks B) commercial banks C) savings banks D) investment banks
The official poverty definition in the U.S. is having an income that
a. provides minimum biological needs b. is less than three times the cost of a nutritionally adequate yet frugal diet c. places the household in the bottom 20 percent of the income distribution d. is less than the average U.S. welfare allowance e. is approximately equal to the average household income of Canada