According to the World View excerpt that compares GDP figures for several nations, Japan's real GDP is approximately
A. More than that of China.
B. Second only to that of the United States.
C. More than that of Germany.
D. All of the choices are correct.
Answer: C
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To have a monopoly in an industry there must be
A) a public franchise, making the monopoly the exclusive legal provider of a good or service. B) an inelastic demand for the industry's product. C) barriers to entry so high that no other firms can enter the industry. D) a patent or copyright giving the firm exclusive rights to sell a product for 20 years.
A curve that shows combinations of consumption bundles that give a consumer the same utility is called
A) an indifference curve. B) a utility curve. C) a demand curve. D) a preference curve.
If foreigners decide that they no longer want to acquire U.S. financial assets, we can expect the value of the dollar to:
A. fall and the trade deficit to rise. B. rise and the trade deficit to rise. C. fall and the trade deficit to fall. D. rise and the trade deficit to fall.
In the late 1990s, Thailand, Malaysia, and Indonesia all experienced sharp declines in the value of their currencies; this resulted in economic instability and crisis. The collapse in the values of their currencies undermined their development by:
A. decreasing political instability. B. decreasing population growth. C. increasing corruption. D. reducing investment.