The economic goals about which there is a substantial agreement include all of the following except:
A. a low rate of inflation.
B. a high level of employment.
C. a large trade surplus.
D. a high rate of economic growth.
Answer: C
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Since World War II, about ______ out of every ten family farms have disappeared.
A. one B. three C. five D. seven
Assume the retiree had a third option: receive a lump sum of $750,000 five years from now. If the interest rate is 4 percent, approximately how much is the future $750,000 to be received in 5 years worth today?
A) $586,445 B) $616,445 C) $630,000 D) $646,555 Scenario 12.1: Jennifer has decided to give up her pack-a-day smoking habit and invest the money she would have spent on cigarettes in a retirement account. At $6.00 a pack, Jennifer is currently spending $2,190 per year on cigarettes. Jennifer is 25 years old and plans to retire in 35 years, at age 60. She has chosen a retirement account that will earn a long-term average return of 5 percent per year. Jennifer is currently earning $40,000 annually. Assume that the average annual inflation rate will be 5 percent per year, that the cost of cigarettes will increase with inflation, and that Jennifer's income will also rise with the inflation rate.
Explain how GNP differs from GDP
On a given linear demand curve, as price increases demand becomes ________:
A. more variable. B. more negative. C. less elastic D. more elastic.