Which of the following statements best describes the level of potential output in the U.S.?
A. It has been decreasing since 1999
B. It never changes year to year
C. It usually increases year to year
D. It is very erratic year to year
Answer: C
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The price elasticity of demand measures which of the following?
A) the slope of the demand curve B) the rate at which demand changes when price changes C) how responsive the quantity demanded is to changes in price D) the percentage-slope of the demand curve E) None of these correctly defines what price elasticity of demand measures.
Under what conditions might the median voter's preferred outcome not be selected through majority rule?
What will be an ideal response?
M2 money includes all but which one of the following?
a. Checkable deposits. b. Savings accounts. c. Large denomination time deposits. d. Money market deposit accounts. e. Money market mutual accounts.
Which of the following is not one of the four broad categories of resources?
A) labor B) government C) capital D) entrepreneurship E) land