In 1973 the OPEC countries
A. lowered the price of oil by 50%.
B. raised the price of oil by 50%.
C. doubled the price of oil.
D. quadrupled the price of oil.
D. quadrupled the price of oil.
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In the United Kingdom, most doctors are privately employed
Indicate whether the statement is true or false
A country with a large, relatively unskilled labor force using labor-intensive methods to grow crops is an example of
a. efficient use of scarce resources b. inefficient use of scarce resources c. a third-world country d. marginal costs
Suppose velocity = 5, money supply = $200, and price = 2. What is the value of real GDP?
A) $10 B) $40 C) $400 D) $500
The gross domestic product is the dollar value of all goods and services produced by the economy.
Answer the following statement true (T) or false (F)