In a boom:
a) Unemployment is likely to fall
b) Prices are likely to fall
c) Demand is likely to fall
d) Imports are likely to fall
Answer: a) Unemployment is likely to fall
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Based on data from 2016, which of the following countries has the lowest tax burden?
A. The United Kingdom B. The United States C. Italy D. Sweden
The farmer pays 20 cents for the seed that is sold to the miller for 35 cents; the miller makes flour and sells it to the baker for 55 cents. The baker makes bread and sells it to the grocery store for 80 cents and the store sells it to consumers for $1.00. The contribution to Gross Domestic Product (GDP) is
a. $1 b. $2 c. $3 d. $4
___________ is usually measured by the annual percent change in real output of goods and services per capita
Fill in the blank(s) with the appropriate word(s).
Resources are
A) unlimited. B) able to be replicated in large quantities. C) what people would buy if their income was unlimited. D) used to produce goods and services to satisfy people's wants.