Knowledge Resources
What will be an ideal response?
Technology, managerial skills
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The equation for determining real GDP for year X is:
a. b. x 100 c. - 100 d. x 100
Usury is considered the charging of
A. higher interest rates than people are willing to pay. B. lower interest rates than people are willing to pay. C. unconscionably high interest rates. D. extremely low rates of interest.
The economic function of profits and losses is to:
A. bring about a more equal distribution of income. B. signal that resources should be reallocated. C. eliminate small firms and reduce competition. D. tell government which industries need to be subsidized.
If an individual's income rises 4 percent and his clothing purchases increase 5 percent in response, the income elasticity for clothing by the individual is
A) -0.8. B) 0.8. C) 1.25. D) -1.25.