Housing is a normal good. That means
a. that most people prefer to purchase their housing rather than rent it
b. that most people tend to purchase more housing if its price falls.
c. that people tend to purchase more housing if their income increases
d. that most people live in houses
e. the people tend to purchase more housing if its price rises
C
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As Americans have become more health conscious, rules about food labels have become more complex and stringent. This is an example of government acting as
A. referee. B. redistributor. C. taxer. D. defender.
Suppose $1 = 10.5 pesos in New York and $1 = 9.6 pesos in Mexico City.If you had $10,000 using arbitrage, your profits would be:
a. $937.50. b. 937 pesos. c. 9,600 pesos. d. $790.
Which of the following creates difficulties in making comparisons of real GDP across nations?
A. Each nation has a different population. B. Nations produce different goods and services. C. Relative prices differ sharply across countries. D. Nations often have different languages.
A nation's average annual real GDP growth rate is 2.5%. Based on the rule of 70 the approximate number of years that it would take for this nation's real GDP to double is:
A. 175 years B. 40 years C. 28 years D. 17.5 years