Sale of U.S. government bonds to foreigners is an example of direct foreign investment in the United States
Indicate whether the statement is true or false
FALSE
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From 1970 to 2006, the largest percentage increase in average real income for households in the United States occurred in which quintile?
A) the bottom quintile B) the second quintile C) the middle quintile D) the top quintile
If consumers cannot readily switch to a close substitute when the price of a good increases, the demand for that good is likely to be:
A. elastic. B. unit elastic. C. perfectly elastic. D. inelastic.
The market system is an economic system that:
A. Produces more consumer goods than capital goods B. Produces more capital goods than consumer goods C. Gives private individuals the right to own resources used in production D. Emphasizes the government's power to control markets and direct economic activity
The way we know what commodities are relatively scarce or abundant is through
A) transaction costs. B) prices. C) price ceilings. D) price floors.