Which of the following units is used to measure nominal GDP in the United States?
a. U.S. dollars
b. gold
c. percentages
d. international monetary units
e. units of physical goods and services
A
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A surplus of cardboard boxes means that
A) at the current price of a cardboard box, the quantity demanded exceeds the quantity supplied. B) at the current price of a cardboard box, the quantity demanded is less than the quantity supplied. C) the current price of a cardboard box is less than the equilibrium price. D) at the current price of a cardboard box, the quantity demanded equals the quantity supplied and the price will fall to restore the equilibrium. E) More information is needed to determine if the price of cardboard boxes is higher than, lower than, or equal to the equilibrium price.
The circular flow model primarily studies how decisions are made by what two groups?
a. consumers and suppliers b. households and firms c. government and households d. government and firms
Which of the following countries has gone so far as to adopt the U.S. dollar as its domestic currency?
a. Panama b. Ecuador c. Zimbabwe d. all of the above
Many nations are consistently accused of enjoying the benefits of membership in the United Nations, yet they provide few or no funds to support the organization. This is an example of
A) the principle of rival consumption. B) the free-rider problem. C) the negative externality problem. D) the property rights problem.