The type of good with the largest import in the U.S. is:
A. capital goods.
B. consumer goods.
C. industrial goods.
D. automobiles.
B. consumer goods.
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If the GDP price index is 137, this value means that prices have increased
A) 137 percent in the last year. B) 37 percent in the last year. C) 37 percent since the base year. D) 137 percent since the base year. E) 63 percent since the base year.
"Discouraged workers" comprise the percentage of those in the: a. labor force who are employed and are seeking employment
b. labor force who have chosen early retirement because they dislike their work. c. adult population who want to be employed but have given up the search for a job. d. labor force who are looking for a job but cannot find one. e. adult population who are in the labor force.
Because nothing in life is free, the cost of a price ceiling program is chronic excess supply
Indicate whether the statement is true or false
Which statement is false?
A. Under Soviet communism, government planning was substituted for the price mechanism. B. The entire Soviet economy was a Rube Goldberg contraption of subsidies, fixed prices, bureaucratic rules and regulations, special privilege, and outright corruption. C. Had Mikhail Gorbachev not begun dismantling the communist bureaucracy, the Soviet system probably would have been able to continue carrying on business as usual for another century. D. None of the statements are false.