Which of the following is an examples of spending on factors of production in the circular flow model?
Answer: The "Lucky Ducky" casino buys a new craps table for the casino floor.
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In the long run, a perfectly competitive industry tends to develop differentiated products.
Answer the following statement true (T) or false (F)
By a leading economic indicator, economists mean:
a. an indicator of future economic activity b. an indicator that reflects economic fluctuations as they occur. c. a highly accurate indicator that is easily measured. d. an indicator that predicts the level of inflation in an economy. e. any variable that follows changes in economic activity.
Figure 2-7
Which of the following could explain the shift in the production possibilities frontier shown in from AC to AB?
a.
technical improvements in both petroleum and clothing production
b.
a productive improvement in clothing production that has no effect on petroleum production
c.
a decrease in the size of the labor force that can produce either petroleum products or clothing
d.
major oil reserves in Alaska are declared off-limits to producers in order to protect the environment
e.
major oil reserves are discovered off the coast of Africa
Which of the following measures absolute poverty?
A. Median income B. The lower quintile of income C. The poverty line D. The poverty standard