Which statement is true?
A. There was a great deal of stagflation in the 1970s.
B. We had the worst recession since World War II in the late 2000s.
C. We have had twelve recessions since January, 1945.
D. All of the choices are true.
D. All of the choices are true.
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If the ratio of the dollar price of a U.S. toy to the dollar price of a Chinese toy is greater than one:
A) retailers in the U.S. should buy the toys from Chinese suppliers. B) retailers in the U.S. should buy the toys from both Chinese suppliers and American suppliers. C) retailers in the U.S. should not buy the toys from both Chinese suppliers and American suppliers. D) retailers in the U.S. should buy the toys from American suppliers.
The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. How much producer surplus is lost?
A) $10,000 B) $20,000 C) $25,000 D) $40,000
Based on the information above, video games have
a. A unit elastic demand curve b. A inelastic demand curve c. A elastic demand curve d. A perfectly elastic demand curve
Which of the following statements is FALSE?
A. Private transfer payments, such as an inheritance, are included in the Gross Domestic Product (GDP). B. If statisticians counted intermediate goods, the estimate of Gross Domestic Product (GDP) would be too high. C. Transfers of used goods are not included in Gross Domestic Product (GDP). D. Gross Domestic Product (GDP) measures the market value of final goods and services produced during a particular time period.