When calculating GDP, the Bureau of Economic Analysis revises its quarterly data
A) a total of one time. B) many times over the next several years.
C) a total of three times. D) a total of two times.
B
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If the demand for a good increases when people's incomes increase,
A) the good is an inferior good. B) the law of demand is violated. C) the good's demand curve must be slope upward. D) the good is a normal good. E) the good is a substitute good for an inferior good.
Suppose the private bond rating agencies ceased to exist. What would be the impact on the bond market?
What will be an ideal response?
A plastics manufacturer can make either toys or containers. If the demand for toys increases, then the:
a. Supply of containers will decrease b. Supply of containers will increase c. Demand for containers will decrease d. Demand for containers will increase
Which of the following is the best example of scarcity?
A) The Talking Teddy is a surprise holiday hit, resulting in long lines of consumers trying to purchase the limited number of available Teddies. B) Fred only gets a 10-hour lunch break and each day must decide between working out at the gym or socializing with his colleagues. C) The local market's buy-one-get-one-free sale on strawberries results in more people wanting the berries than producers are able and willing to supply. D) Pokemon Go is the most popular cell-phone app that can be downloaded free from an app store.