Refer to Table 19-5. The value of each automobile in gross domestic product equals
A) $7,000. B) $15,000. C) $18,000. D) $25,000.
D
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The above figure shows the demand curve for movie rentals from Redbox. At which of the following prices is the demand unit elastic?
A) $5.00 B) $3.50 C) $2.50 D) $0.00
The author of the book An Inquiry into the Nature and Causes of the Wealth of Nations is
A) Thorstein Veblen. B) Adam Smith. C) Milton Friedman. D) Alan Greenspan.
The nominal value of GDP is:
a. expressed in monetary values adjusted for inflation b. expressed in monetary values that are not adjusted for inflation. c. expressed in numeric values that does not correlate to a monetary term. d. expressed as a ratio between the value of consumption expenditure and the value of investment expenditure.
Statistical discrimination refers to:
A. the crowding of women or minorities into low-paying occupations. B. significant differences in average levels of earnings by gender, race, and ethnicity, after accounting for nondiscriminatory factors. C. making individual hiring decisions on the basis of the characteristics of the group to which a person belongs, rather than on his or her personal characteristics and productivity. D. the 50-percent unexplained residual in studies that try to account for wage differences by gender, race, and ethnic origin.