Which of the following is an example of a surplus item on the balance of payments?
A. purchases of gold from foreign residents
B. interest receipts from foreign residents
C. private gifts to foreign residents
D. public gifts to foreign residents
Answer: B
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Refer to the scenario above. Which of the following statements is true of the demand curve that the monopolist faces in the price range of $6 to $10?
A) The demand curve is elastic in the price range. B) The demand curve is inelastic in the price range. C) The demand curve is vertical in the price range. D) The demand curve is upward sloping in the price range.
A restaurant purchases a package of sandwich buns for 50 cents. The buns are ________ good in this case, and thus its purchase ________ a transaction that is included in GDP
A) a final, is B) a final, is not C) an intermediate, is D) an intermediate, is not
Government intervention
a. provides incentives to conduct business in an illegal black market b. plays no role in generating wealth c. is the best way to eliminate poverty d. does not enforce property rights
The shifts in aggregate demand and aggregate supply as a result of the housing bubble collapse caused output to:
A. fall dramatically immediately. B. stay the same, since the shifts worked in opposite directions. C. rise temporarily, then fall. D. fall at a relatively slow rate over time.