The GDP figures fail to count labor services and other household production. Once this omission is taken into account,
What will be an ideal response?
the income differences between the high and low income countries are still huge.
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In the 1960s, the lyrics of a rock song asked, “Did you ever have to make up your mind to say yes to one and leave the others behind?” What economic principle was demonstrated in the song? Explain.
What will be an ideal response?
Suppose the government wants to reduce illegal importation of exotic animals used as pets and tries to achieve this goal by interrupting the supply of illegally imported exotic animals
If the demand for these animals is highly inelastic, this government effort will result in A) a small reduction in the quantity of exotic pets demanded. B) a large reduction in the quantity of exotic pets demanded. C) no change in the quantity of exotic pets demanded. D) an increase in the quantity of exotic pets demanded.
The Keynesian AS curve differs from the classical AS curve in that:
a. the classical AS curve assumes flexible nominal wages. b. the Keynesian AS curve is upward sloping. c. the Keynesian AS curve focuses on short-run behavior. d. b and c. e. all of the above.
During a mild winter, the price of home heating oil is expected to be less than it would be during a normal winter
What will be an ideal response?