If Country A and Country B have the same total output, then the standard of living in these two countries can be different depending on:
A. their respective political systems
B. their respective inflation rates
C. population size
D. their relative geographic size
Answer: C
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Economics is a social science in the sense that it
a. rigorously examines human behavior. b. is not as scientific as physics. c. relies on historical data instead of mathematical data. d. relies on statistics instead of mathematics. e. All of the above are correct.
What percentage of American has a favorable opinion of government workers?
a. 20% b. 50% c. 70% d. 90%
The future value of $500 saved for two years at an interest rate of 5% is
a. $550.25. b. $550.00. c. $551.25. d. None of the above are correct.
Critics of supply-side economics claim that the economic growth in the 1980s was a direct result of ______.
a. a large budget deficit b. deflation c. tax cuts d. tax increases