Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth.
B. a change in society's preferences for motorcycles versus hybrid cars.
C. a reduction in unemployment.
D. an improvement in technology.
Answer: B
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Which of the following methods is not used to calculate GDP?
A. The sum of all the final goods and services produced by a country’s resources B. The sum of all factor payments plus depreciation and indirect business taxes C. The sum of all values added at each stage of production D. The sum of all spending on final goods and services
The unemployment rate will decrease when
A) people get discouraged and quit looking for work. B) the age of the labor force increases. C) the average workweek falls from 40 to 39 hours. D) the duration of unemployment increases.
If the quantity supplied is infinitely responsive to any change in price, the supply curve has a price elasticity of supply equal to infinity.
Answer the following statement true (T) or false (F)
Even though Mexico is a developing country, the NAFTA market is very rich
Indicate whether the statement is true or false