With respect to wealth in the United States, we presently find that the bottom 90 percent of Americans own approximately how much of the nation's wealth?
A) 10 percent
B) 25 percent
C) 64 percent
D) 84 percent
Answer: B
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The terms of trade refer to:
A) rules and regulations that govern trade between nations. B) product of the opportunity cost of producing the same good in two trading nations. C) exchange rate of goods for goods. D) amount of money that has to be given up to import an additional quantity of a good.
Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews falls from $4 to $2, the market quantity demanded would
A) increase by 36 lbs. B) decrease by 28 lbs. C) increase by 28 lbs. D) decrease by 36 lbs.
Sheila is on a temporary layoff from her automobile factory job but has not looked for work in the last four weeks. The Bureau of Labor Statistics counts Sheila as
a. unemployed and in the labor force. b. unemployed and not in the labor force. c. employed and in the labor force. d. employed and not in the labor force.
Suppose nominal GDP was $360 billion in 1990 and $450 billion in 2000. The appropriate price index (1985 = 100) was 120 in 1990 and 125 in 2000. Between 1990 and 2000 real GDP:
a) increased by $60 billion. b) decreased by $32 billion. c) increased by $100 billion. d) increased by $117 billion.