Recall the Application about using value added to measure the size of Walmart to answer the following question(s). When measuring the true contribution of Walmart to the U.S. economy, we must use the value of Walmart's total sales.
Answer the following statement true (T) or false (F)
False
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In the table above, which case has the lowest relative price for a hamburger?
A) case A B) case B C) case C D) All three cases have an equal relative price for a hamburger.
Real GDP measures ________
A) the total amount of income of every person and firm in the economy B) the percentage of income produced by workers and firms C) how rapidly the overall level of prices is rising D) how many hours the average U.S. citizen works a year E) how many automobiles are produced in a month
The power of the U.S. government to seize private property or exercise the right of eminent domain was an English innovation
Indicate whether the statement is true or false
Sugar and honey are viewed as substitutes for each other in many cooking applications. If the price of sugar rises, we would expect the:
a. demand for honey to increase. b. demand for honey to decrease. c. quantity demanded of honey to decrease. d. price of honey to decrease. e. quantity demanded of honey to increase.