The prices of the products in the World War II POW camps, measured in terms of cigarettes, reflected the products'
A) practicality. B) costs of production.
C) scarcity. D) retail prices.
C
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Based on the information in Scenario 1, real GDP in 2016 (in 2015 dollars) in this economy was
A) $830. B) $1,025. C) $1,090. D) $1,345.
Which of the following is assumed to be constant along a demand curve for pet dogs?
a. the quantity of dogs demanded each time period b. the price of dogs c. the price of cats d. the number of dogs people want to buy
Oligopolists need to consider:
A. the substitution effect. B. the supply effect. C. the price effect. D. the income effect.
Which statement is false?
A. Throughout the 1980s, the Soviet Union devoted most of its capital and talent to its military establishment rather than to market reform. B. In the late 1970s, China began reforms, which eventually transformed it to a more market-oriented economy. C. Russia has been more successful than China in becoming a market-oriented economy. D. None of these statements are false.