In GDP, the largest dollar amount is
a) consumer spending
b) rental payment
c) net exports of goods and services
d) gross private domestic investment
e) government purchase of goods and services
Ans: a) consumer spending
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The proportion of the U.S. population below the poverty line
A. rises with upturns of the business cycle. B. has declined, though somewhat erratically, over the past 40 years. C. has been virtually eliminated by a vigorous "War on Poverty." D. covers roughly 20% of the same people year after year.
One of the key reasons why monopolies exist is:
A. there is easy entry and exit into and out of the market. B. the goods sold are highly inaccessible to buyers. C. geographical differences. D. there are barriers to entry into the market.
The historical reallocation of labor from agriculture to manufacturing in the United States has:
A. had no effect on the average productivity of labor. B. reduced the average productivity of labor. C. increased the average productivity of labor. D. been inflationary.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point A necessarily represents
A. only hybrid cars being produced. B. an unattainable production point. C. what society wants. D. the economy's optimal production point.