What percentage of GDP comes from agriculture in the high-income economies of the world?
a. 1 percent
b. 2 percent
c. 3 percent
d. 4 percent
b. 2 percent
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Consider a market that is initially in equilibrium. If we observe that both price and quantity increased, which of the following could have occurred?
a. both supply and demand decreased but the dominant change was the decrease in demand b. supply decreased c. demand decreased d. supply decreased and demand increased but the dominant change was the increasein demand e. supply increased and demand decreased
Which of the following is included in the investment component of GDP?
a. spending on new residential construction and spending on stocks and bonds b. spending on new residential construction but not spending on stocks and bonds c. spending on stocks and bonds but not spending on new residential construction d. neither spending on stocks and bonds nor spending on new residential construction
In general, the IMF provides developing countries with:
A. loans and lets these countries decide how the loans will be used. B. technical advice but does not provide them with loans. C. loans, but only if the government adopts certain policies specified by the IMF in return. D. neither loans nor technical advice.
If the quantity supplied is infinitely responsive to any change in price, the supply curve is:
A. upward sloping. B. downward sloping. C. horizontal. D. vertical.