The silly clothes worn by a circus clown are an example of:
A. a natural resource.
B. capital goods.
C. labor.
D. entrepreneurship.
Answer: B
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You have a $500 saving bond. The nominal interest rate is 10 percent, and the inflation rate is 4 percent. After a year, in real terms you have earned
A) $70. B) $40. C) $50. D) $510. E) $30.
Suppose the demand for rescue services in our national parks is perfectly inelastic. This fact would mean that a 31 percent increase in rescue fees leads to
A) a 31 percent decrease in the quantity demanded. B) a 31 percent increase in demand. C) a 31 percent decrease in demand. D) no change in the quantity demanded. E) a decrease in the quantity demanded to 0 rescues.
Under a gold standard, a major discovery of a new gold deposit would
A. increase private demand for gold. B. decrease output growth. C. decrease the volume of world trade. D. increase the inflation rate.
The Chinese economy was set back by
A. the Great Leap Forward, but not the Cultural Revolution. B. the Cultural Revolution, but not the Great Leap Forward. C. both the Cultural Revolution and the Great Leap Forward. D. neither the Cultural Revolution nor the Great Leap Forward.