Which of the following countries (or regions) produces the most output annually?
A. United States.
B. China.
C. Japan.
D. Germany.
Answer: A
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Refer to the Article Summary. Based on the difference between the face value of Super Bowl tickets and the prices being charged in the resale market, the demand at the face value of the tickets is
A) elastic. B) unit elastic. C) inelastic. D) perfectly elastic.
The unemployment rate equals the number of persons:
a. unemployed divided by the number employed. b. unemployed divided by the number in the labor force. c. unemployed divided by the population age 16 and over. d. not working divided by the population age 16 and over.
If the money supply grew by 6 percent and velocity fell by 2 percent, nominal GDP would: a. fall by 4 percent
b. rise by 4 percent. c. rise by 8 percent. d. rise by 12 percent.
Private costs
A) are borne by producers of a good while social costs are borne by government. B) are borne by consumers of a good while social costs are borne by government. C) are borne by producers of a good while social costs are borne by society at large. D) are borne by producers of a good while social costs are borne by those who cannot afford to purchase the good.