The following national income statistics are in billions of dollars.
Refer to the above data. Disposable income is:
A.
$383 billion
B.
$372 billion
C.
$271 billion
D.
$212 billion
C.
$271 billion
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Harry Truman is credited with the statement, “Give me a one-armed economist,” because economists are likely to say, “On the one hand, . . . on the other hand.” Why do economists “waffle” more than physicists or chemists?
What will be an ideal response?
The record for the longest U.S. economic expansion started in March ______ and ended in March ______.
Fill in the blank(s) with the appropriate word(s).
Assume the market was in equilibrium in the graph shown. If the market price gets set to $14, which of the following is true?
A. Some producers gain surplus, but total surplus falls. B. Some consumers gain surplus, but total surplus falls. C. Some consumers lose surplus, but total surplus rises. D. Some producers lose surplus, but total surplus rises.
Suppose that Canada can produce 15 units of timber or 3 units of grain. Suppose that Mexico can produce 6 units of timber or 2 units of grain. Which of the following is CORRECT?
A) Mexico has a comparative advantage in grain production. B) Mexico has an absolute advantage in timber production. C) Canada has a comparative advantage in grain production. D) The countries would find trade mutually beneficial at a trading ratio of 1 grain for 2 timber.