What is the largest expenditure component of GDP?
A. Gross private domestic investment
B. Personal consumption spending
C. Net exports
D. Government purchases
Answer: B
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Refer to Scenario 12.1 At the assumed annual inflation rate of 5 percent, approximately how much will the $6.00 pack of cigarettes cost in 10 years, when Jennifer reaches the age of 35?
A) $8 B) $10 C) $16 D) $23
Which of the following statements about stock market brokers and dealers is TRUE?
A. Both brokers and dealers try to profit from trading stocks. B. Both brokers and dealers earn commissions from trading stocks. C. Brokers try to profit from trading stocks but dealers earn commissions from trading stocks. D. Brokers earn commissions from trading stocks but dealers try to profit from trading stocks.
A marketing student observes that when the price of ice cream rises by 10 percent, the quantity of ice cream a supplier is willing to sell rises by 5 percent. The student correctly concludes that the elasticity of supply for ice cream is:
A. 2. B. .2. C. .5. D. 5.
The local substitution argument against using public money to attract baseball spring training sites is
A. even more valid than the argument against regular stadiums. B. less valid than the argument against regular stadiums because most of the fans at a spring training game are tourists who would not be in that city otherwise. C. completely invalid because no one at a spring training game is from the local community. D. just as valid as the argument against regular stadiums.