Which of the following is the category to which the largest portion of households' personal income is allocated?
a. taxes collected by government
b. savings
c. purchases of services
d. purchases of durable goods
e. purchases of nondurable goods
C
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The United States truly became a mass consumption society in
A. the early 1900s. B. the 1920s. C. the 1940s. D. the 1960s.
Why is it likely that the United States has an absolute advantage in goods and yet it still ends up importing them from other countries?
What will be an ideal response?
Refer to the above figure. Production at Point E
A) would indicate that this economy is producing beyond its capabilities. B) would indicate production at a level below that which is attainable. C) is not attainable with given resources and technology. D) would demonstrate a total lack of technical expertise.
If 1 U.S. dollar exchanges for 0.69 British pounds, how much would it cost in U.S. dollars and cents to purchase a British chess set priced at 20 pounds?
What will be an ideal response?