An institution through which buyers and sellers interact and engage in exchange is
A. "laissez-faire."
B. a market.
C. a production frontier.
D. a central authority.
Answer: B
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Ongoing economic growth in real GDP per person requires all of the following EXCEPT ________
A) investment in human capital B) the discovery of new technologies C) saving and investment in new capital D) population growth
Most food products have low income and price elasticities of demand
Indicate whether the statement is true or false
Which of the following is an example of a capital good?
a. an artificial Christmas tree used by a family year after year b. a sweater worn by a sixth grade student c. electricity used by a household to heat a swimming pool d. a pencil used by a shopper making out a grocery list e. a shovel used by a construction worker
Based on the graph showing how the subprime share of home mortgages grew rapidly before the big decline, by Q2 of 2008, the gap between adjustable mortgage rates and the share of subprime mortgages was ______.
a. the greatest it had ever been
b. the smallest it had ever been
c. narrowing
d. expanding