One of the most basic models of the economy is:
A. real GDP per capita.
B. the current population survey.
C. consumer expenditure.
D. the circular flow model.
D. the circular flow model.
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The demand for a necessity whose cost is a small portion of one's total income is:
A. perfectly price inelastic. B. perfectly price elastic. C. relatively price inelastic. D. relatively price elastic.
The system of trade rounds under GATT and the WTO has been successful at creating trade rules and reducing trade barriers
Indicate whether the statement is true or false
Social Security benefits could be reduced in each of the following ways except
A. cutting the promised monthly benefit. B. reducing the degree to which benefits are adjusted for inflation. C. investing the trust fund in the stock market. D. increasing the retirement age.
When the government provides loan guarantees and in effect "socializes losses and privatizes gains" of a project or firm, it can lead to a:
A. Moral hazard problem among investors B. Regulatory capture problem C. Principal-agent problem within the firm D. Limited and bundled choice problem