Refer to the information provided in Figure 18.1 below to answer the question(s) that follow.
Figure 18.1Refer to Figure 18.1. The third fifth of families earned ________% of income in Outland.
A. 12
B. 23
C. 25
D. 35
Answer: B
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Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2012?
A) $57,500 B) $75,000 C) $45,000 D) $55,000
Recall the Application about using value added to measure the size of Walmart to answer the following question(s). According to this Application, why is the value of Walmart's 2017 sales NOT an accurate measurement of its actual sales impact on the U.S. economy?
A. The sales figure did not account for chain-weighted inflation measurements. B. The sales figure includes the value of purchases from other firms. C. The sales figure did not take into account the recession of 2008. D. The sales figure was in nominal, not real dollars.
If a firm that makes $100 profit per pair of shoes pays LeBron James $2,000,000 to endorse their basketball shoes, then to make the endorsement pay off they must sell at least:
A. $2,000,000 more in shoes. B. $20,000 more in shoes. C. 20,000 more pairs of shoes. D. 200,000 more pairs of shoes.
The most common form of business organization in the United States is the
A. cooperative. B. partnership. C. proprietorship. D. corporation.