Related to the Economics in Practice on p. 437: Actions that impact the state of the environment, like pollution, are considered ________ activities in terms of the national income and product accounts.
A. depreciable
B. nonmarket
C. underground economy
D. market
Answer: B
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If your income elasticity of demand for hot dogs is negative, then:
A. hot dogs have no close substitutes for you. B. you must not enjoy eating hot dogs. C. hot dogs are an inferior good for you. D. your demand curve for hot dogs is not downward sloping.
In New York City, about 1 million apartments are subject to rent control by the local government. Rent control
A) puts a legal limit on the rent that landlords can charge for an apartment. B) is a government policy which limits apartment rental to those people whose incomes are less than $50,000 per year. C) is a price floor which sets a minimum rent for apartments. D) only applies to those apartments which are owned and rented out by the local government.
In the 20th century, tertiary employment accounted for roughly
(a) fifty percent of the total job increases. (b) ninety percent of the total job increases. (c) thirty percent of the total job increases. (d) seventy percent of the total job increases.
Which of the following factors contribute to economic growth?
a. growth in physical capital b. technological advances c. an increase in the productivity of labor d. all of the above