Which of the following statements about U.S. production is correct?
A. Construction accounts for a larger percentage of total production than does manufacturing.
B. Real estate services account for 12.6 percent of the value of total pro-duction, larger than any other item of services or goods.
C. Consumption goods and services represent 85 percent of U.S. produc-tion by value and that percentage doesn't fluctuate much.
D. The manufacture of goods represents more than 50 percent of total production.
C Answer C is correct as the data on page 32 show.
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The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
Markets can be least well-defined by
a. product similarity b. location c. price elasticity d. cross-price elasticity e. degree of firm interdependence
If air travel and bus travel are substitutes,
a. an increase in the price of bus travel will decrease the demand for air travel. b. a decrease in the price of bus travel will decrease the demand for air travel. c. an increase in the price of bus travel will generally have no effect on the demand for air travel. d. an increase in the price of bus travel will shift the demand curve for air travel to the left.
The most likely impact of an unanticipated increase in the money supply is
a. an increase in the real interest rate, which in turn stimulates investment and GDP. b. a decrease in the real interest rate, which in turn stimulates investment and GDP. c. a reduction in the general level of prices, which will increase the disposable income of households. d. an improvement in technology, which will stimulate both output and employment.