Which of the following items has the largest price elasticity of demand?
A) food
B) fruit
C) oranges
D) oranges from a Wal-Mart SuperCenter
D
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In the Keynesian model, a $1 billion increase in autonomous consumption leads to ________ in short-run equilibrium output.
A. a $1 billion decrease B. a $1 billion increase C. no change D. a greater than $1 billion increase
Stockholders are residual claimants, meaning that they
A) have the first priority claim on all of a company's assets. B) are liable for all of a company's debts. C) will never share in a company's profits. D) receive the remaining cash flow after all other claims are paid.
Resources devoted to complying with the tax laws are a type of deadweight loss
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. In the period 1960 to 2010, the U.S. experienced a more rapid annual growth in real GDP per capita than countries like Ireland, Singapore, and South Korea. 2. One important growth-promoting institutional structure is the protection of domestic jobs against outsourcing. 3. An increase in the quantity and quality of natural resources is an example of a demand factor of economic growth. 4. The supply factors of economic growth are those factors that shift a country's production possibilities curve. 5. The ability to expand production is sufficient for a nation to achieve maximum possible growth.