The 1920s is sometimes described as the decade representing the emergence of "mass society." This refers to developments in all of the following except
(a) Production methods and communication systems
(b) Consumption patterns and installment credit
(c) Attitudes and culture
(d) There is no "except"; all of the above are part of the emergence of "mass society"
(d)
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How are the cross elasticity of demand and income elasticity of demand similar and how are they different from the price elasticity of demand?
What will be an ideal response?
Which of the following is NOT a reason that real GDP is a poor measure of a nation's economic welfare?
A) Real GDP omits measures of political freedom. B) Real GDP does not take into account the value of people's leisure time. C) Real GDP does not include the underground economy. D) Real GDP overvalues household production.
Which of the following is a characteristic of a monopoly firm?
A) horizontal individual demand curve B) barriers to entry C) easy entry and exit D) many buyers and sellers
What is an effective counter against the argument that international trade should be restricted to protect domestic jobs?
A) A more effective policy would be to support the industry with subsidies. B) The more diversified the economy, the more stable it is. C) Free trade increases the number of jobs in which workers earn higher incomes. D) Rent seeking behavior should be encouraged. E) Free trade in "green" goods will increase jobs.