Approximately what percentage of American consumers' total spending is on food?
A. Less than 15 percent
B. 20-25 percent
C. About 30 percent
D. More than 40 percent
A. Less than 15 percent
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The United States was able to produce temporarily outside its production possibilities curve for several years during World War II by doing which of the following?
A. Recruiting housewives to work in tank and airplane factories. B. Convincing workers who qualified for retirement to put off retirement. C. Pressing older machinery and equipment into use. D. Expansion of the work week. E. All of the choices are true
Gross domestic product during a period is measured by adding
a. incomes received by households minus the sale of factor services supplied domestically. b. factor payments made by domestic firms minus retained earnings and indirect business taxes. c. expenditures on new final goods and services produced domestically. d. the market value of all goods and services produced domestically and then subtracting net exports from that figure.
Product improvements make it difficult for the statisticians who construct the CPI to distinguish between ________ changes and ________ changes.
A. quantity; quality B. quantity; price C. price; quality D. income; price
Between 1995 and 1998, soon after NAFTA took effect,
A. total U.S. imports increased, but total U.S. exports increased even more. B. U.S. imports from Mexico increased, but U.S. exports to Mexico increased even more. C. total U.S. exports fell, but total U.S. imports fell even more. D. U.S. imports from Mexico fell, but U.S. exports to Mexico fell even more.