Say's law explains
A) how long-run real Gross Domestic Product (GDP) stability is achieved in the Keynesian model.
B) why economies experience business cycles.
C) how the economy can go into recession.
D) how long-term real Gross Domestic Product (GDP) stability is achieved in the classical model.
D
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The fundamental identity of national income accounting implies ________
A) Expenditure = Production + Income B) Expenditure = Production = Income C) Income = Expenditure - Production D) Income = Expenditure / Production E) None of the above
In the Kyoto Protocol, participating nations agreed to
A) trade carbon-dioxide permits. B) eliminate all emissions of greenhouse gases by 2020. C) reduce their overall emissions of greenhouse gases between 1997 and 2020 to as much as 20 percent below 1990 levels. D) buy greenhouse gas emission permits from developing nations.
In economics, the term "equity" means
A) everyone has an equal standard of living. B) the hardest working individuals consume all they want. C) only elected officials have high standards of living. D) economic benefits are distributed fairly.
Refer to the data. The Herfindahl index for the industry is:
A. 1,600.
B. 1,800.
C. 18,000.
D. 80.