Which of the following occurred during the 20th century?
(a) The total U.S. population increased.
(b) The percentage of foreign-born residents decreased, on average.
(c) The median age fell.
(d) All of the above occurred during the 20th century.
(a)
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The price of domestic goods in terms of foreign goods is referred to as the
A) nominal exchange rate. B) real exchange rate. C) relative inflation rate. D) purchasing power parity rate.
The motive that drives firms to enter or exit an industry is
A) utility. B) governmental. C) economic profit. D) accounting costs.
If a price ceiling is a binding constraint on a market, then a. the equilibrium price must be below the price ceiling
b. the quantity supplied must exceed the quantity demanded. c. sellers cannot sell all they want to sell at the price ceiling. d. buyers cannot buy all they want to buy at the price ceiling.
Forces within the economy that naturally tend to counteract recessions and inflation are known as
a. discretionary stabilizers. b. automatic stabilizers. c. demand-management policies. d. fiscal dividends.