If you buy a book of U.S. postage stamps to use to mail love letters to your sweetheart, the purchase is considered part of:
A. C.
B. I.
C. G.
D. X.
Answer: A
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Jackie notices everyone wearing Converse sneakers on the first day of school. Ever the fashionista, this will likely affect:
A. Jackie's income, as she now needs to buy Converse and will have less to spend on other goods. B. Jackie's preferences for shoes, since she feels as though she needs them now. C. Jackie's expectations of future prices, since the price of Converse will likely go up because they're getting so popular. D. the prices of related goods, since other shoes will be less popular and cost less now.
Suppose that in 2009 the total value of exports was $250 million, while imports were $225 million. The contribution of net exports to GDP was
a. $250 million b. $25 million c. $475 million d. $225 million e. -$25 million
Shawna bought an antique table for $200 last year and is now selling it for $250. Her rate of return on the table is:
A. 10 percent B. 20 percent C. 25 percent D. 30 percent
Which of the following is most likely to increase the supply of corn?
a. The farm worker's union successfully negotiates a pay increase for corn harvest workers. b. New medical reports claim that eating corn bread increases risk of heart attacks. c. The government eliminates subsidies formerly paid to corn farmers. d. Farmers that grow soybeans can also grow corn, and the price of soybeans drops substantially.