A healthy growing economy has a strong _______orientation.
a. government
b. market
c. traditional
d. command
b. market
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Which of the following is an example of a factor of production?
A) Land B) Cell phones C) Canned soup D) Television sets
Why do economists say that even very rich people face scarcity?
What will be an ideal response?
Which of the following is not a characteristic of the classical system?
a. temporary excess demand and supply in labor markets. b. Price flexibility c. Money wage flexibility d. real values, not nominal values, matter
Suppose there are five goods in the economy, A-E. The current-year quantity of each is 10A, 20B, 30C, 40D, and 50E. Current-year prices are $1 for each unit of A, $2 for each unit of B, $3 for each unit of C, $4 for each unit of D, and $5 for each unit of E. Base-year prices are $1 for each good. Real GDP in the current year equals _________ and GDP equals _________
A) $550; $150 B) $130; $530 C) $150; $550 D) $530; $130 E) none of the above