What incentive do manufacturers have to sell their products?
What will be an ideal response?
Answer: making profits on sales
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The median voter theorem states which of the following?
a. politicians try to match policies to the preferences of the median voter b. politicians try to match policies to the preferences of the majority of voters c. politicians’ policies match their own preferences regardless of the citizens who voted for them d. politicians try to match policies to the preferences of the average voter
Refer to Table 16.1. Consider the data in the table above (in billions of dollars) for an economy. Gross domestic product (in billions of dollars) for this economy equals
A) $2,700. B) $2,525. C) $2,350. D) $2,100.
When calculating real GDP, the reference base year
A) allows us to account for changes in GNP compared to GDP. B) always reduces the value of GDP compared to GNP. C) allows us to calculate the value of the goods and services in terms of prices of that base year. D) usually increases the value of GNP compared to GDP. E) allows us to increase the value of goods and services.
What problems can high inflation rates cause for the economy?
What will be an ideal response?