Which of the following best describes the population and production/consumption of North America and the European Union?
a. North American and the European Union have about 70% of the world’s population and their combined economic statistics show that they produce and consume about 16% of the world’s GDP.
b. North American and the European Union have about 80% of the world’s population and their combined economic statistics show that they produce and consume about 70% of the world’s GDP.
c. North American and the European Union have about 16% of the world’s population and their combined economic statistics show that they produce and consume about 16% of the world’s GDP.
d. North American and the European Union have about 9% of the world’s population and their combined economic statistics show that they produce and consume about 70% of the world’s GDP.
d. North American and the European Union have about 9% of the world’s population and their combined economic statistics show that they produce and consume about 70% of the world’s GDP.
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Due to asymmetric information in credit markets, monetary policy may affect economic activity through the balance sheet channel, where an increase in the money supply
A) raises stock prices, lowering the cost of new capital relative to firms' market value, thus increasing investment spending. B) raises firms' net worth, decreasing adverse selection and moral hazard problems, thus increasing banks' willingness to lend to finance investment spending. C) raises the level of bank reserves, deposits, and bank loans, thereby raising spending by those individuals who do not have access to credit markets. D) lowers the value of the dollar, increasing net exports and aggregate demand.
Two-thirds of sales tax revenues are collected by _____
a. the federal government b. state governments c. county governments d. city governments
An increase in the price of a good would
a. decrease the demand for the good. b. decrease the quantity demanded for the good. c. increase the demand for the good. d. decrease the quantity supplied of the good.
Moving upward along a downward sloping straight-line demand curve, as the price of the product goes up
A) the price elasticity of demand does not change. B) the price elasticity of demand goes from being inelastic to being elastic. C) the price elasticity of demand goes from being elastic to being inelastic. D) the price elasticity of demand goes from negative to positive.