According to the World View article that compares GDP per capita figures for several nations, which of the following nations has the highest GDP per capita?
A. Great Britain.
B. United States.
C. Japan.
D. China.
Answer: B
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The above table shows production combinations on a country's production possibilities frontier. A movement from ________ involves the greatest opportunity cost of increasing the production of good Y
A) point E to point D B) point D to point C C) point C to point B D) point B to point A
Which of the following characterizes a perfectly competitive market?
A) The market demand curve is vertical. B) The demand for each individual firm's product is perfectly elastic. C) Each firm sets a different price. D) Each firm produces a product slightly different from that of its competitors.
Contractionary fiscal policy is enacted when the overall effect of decisions about taxation and spending is to:
A. reduce aggregate demand. B. increase aggregate demand. C. reduce aggregate supply. D. increase aggregate supply.
A tax burden falls more heavily on the side of the market that is less elastic
a. True b. False Indicate whether the statement is true or false