The Fifth Amendment of the Bill of Rights of the U.S. Constitution states that
A) private property shall not be taken except for public use and with compensation.
B) Americans have the right to bear arms.
C) the government can undertake any activity that is favored by the majority of citizens.
D) the freedom of speech of Americans cannot be violated.
A) private property shall not be taken except for public use and with compensation.
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The Apple iPhone is sold in a box labeled "Made in China," but a study by economists at the Asian Development Bank found that the actual percentage of the price of the iPhone accounted for by the only work done in China, which is assembly, is
A) 4 percent. B) 12 percent. C) 25 percent. D) 65 percent.
It is not uncommon for people to say something like, "If we can put someone on the moon we should be able to . . . ," followed by the person's favorite project. What response can an economist make to this person?
What will be an ideal response?
Over the long run, per capita incomes in different regions of the United States have
a. gradually diverged with the Northeastern region leading all other income groups. b. gradually converged. c. gradually converged until roughly 1985, and then diverged as the Western states outpaced other regions. d. have converged, with the exception of the South.
If real GDP in a year was $3,668 billion and the price index was 112, then nominal GDP in that year was approximately:
A. $3,846 billion B. $3,925 billion C. $4,108 billion D. $4,379 billion