Special-interest groups:
a. are more likely to be well-informed about "their" issue than the general public
b. may consist of a congressional district
c. may support policies that are harmful to the general public
d. all of the above
Answer: d. all of the above
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Resources can be purchased
A) exclusively through the government. B) in the product markets. C) in the factor markets. D) at a grocery store.
A household survey is used to calculate
A) the unemployment rate. B) the level of payroll employment. C) both the unemployment rate and the level of payroll employment. D) neither the unemployment rate nor the level of payroll employment.
If the market demand increases for a good sold in a perfectly competitive market, individual firms in the market:
A. will be able to charge a higher price for their product. B. will need to lower price in order to remain competitive. C. will not be able to change their price. D. will begin earning economic losses.
If GDP per capita rises by 2% between 2015 and 2016, which of the following is necessarily true?
A) The population has increased, but by less than 2%. B) The population has decreased. C) Real GDP has risen by more than 2%. D) None of the above is necessarily true.