The two largest economies in the world in 2012 were:
A. China and the U.S.
B. England and the U.S.
C. Japan and the U.S.
D. China and Germany.
Answer: A
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Our most important trading partner is _____________.
Fill in the blank(s) with the appropriate word(s).
The principle of increasing marginal opportunity cost holds in which of the following cases?
A. The production possibility curve is a downward-sloping straight line. B. Some inputs are better for producing particular goods. C. Each input can be used to produce only one good. D. All inputs are equally useful in the production of all goods.
A perfectly elastic demand curve exhibits
A) zero responsiveness to changes in price. B) that quantity demanded will decrease to zero when there is a slight increase in the price level. C) a change in quantity demanded that is proportional to the change in price. D) a change in quantity demanded that is always twenty percent of the change in price.
If a professional association restricts membership and firms cannot employ nonassociation workers, the equilibrium wage will increase
a. True b. False