National income equals gross domestic product
A) plus sales taxes.
B) plus government transfer payments.
C) minus the consumption of fixed capital.
D) minus government transfer payments.
Answer: C
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If a 3 percent increase in the price of tennis shoes leads to a 7 percent increase in the number of tennis shoes supplied
A) the elasticity of supply equals 0.43. B) the elasticity of supply equals 2.33. C) income elasticity equals 2.33. D) supply is inelastic.
Which of the following is associated with global poverty?
A. Low infant mortality rates. B. Opportunities for education. C. Lack of health care. D. Immunization against preventable diseases.
The law of demand indicates that as the cost of an activity:
A. rises, the level of the activity may or may not increase depending on the individual. B. rises, more of the activity will occur. C. falls, less of the activity will occur. D. rises, less of the activity will occur.
According to the traditional economic model, which of the following would alter a state of consumer equilibrium if all other factors remain the same?
a. a decrease in the price of a good b. an increase in the quantity supplied of a good c. a decrease in the number of substitutes d. an increase in the number of complements