Which of the following accurately measures the welfare or happiness of society?
A) Nominal GDP
B) Real GDP
C) Both Nominal GDP and Real GDP
D) None of the above.
D
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The tendency for consumers to purchase more of a good or service as its price falls is captured by:
A. the law of supply. B. the law of increasing cost. C. the law of demand. D. cross-price elasticity of demand.
Use the following graph to answer the question below.
Using the regular percentage change formula, what is the price elasticity of supply when moving from point A to point B?
A. 2 B. 1 C. 3 D. 1/3
If an externality is present in a market, economic efficiency may be enhanced by
a. increased competition. b. weakening property rights. c. better informed market participants. d. government intervention.
Which of the following describes a discretionary fiscal policy action/program?
A) the progressive income tax system B) The government increases funding for the Dislocated Worker Program, a federal initiative that provides retraining and career counseling. C) the unemployment compensation program D) the system of welfare programs