Which of these is an example of a good with elastic supply?
a) large hand-made rugs
b) plums
c) sandwiches
d) passenger airplanes
Ans: d) passenger airplanes
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When a product benefits people other than the buyer of the product, the product is said to have
A) an external cost. B) an excludable cost. C) an external benefit. D) an excludable benefit. E) a subsidized benefit.
Determine whether each of the following outputs is considered an intermediate good, a final good, or neither for purposes of calculating GDP in the current year
a. New tires put on a new Corvette at Big O Tire store b. The net sales price of a home built in 1990 when it is resold in 1997 c. The commission earned by a stock broker on the sale of stock d. The net price that is paid for 1000 shares of stock in Dell
Refer to Table 2.3. Assume that 2010 is the base year. The GDP deflator for 2010 is
A) 67.1. B) 84.5. C) 100.0. D) 118.3.
Which of the following has not influenced global poverty rates?
A. Gini coefficient B. Increasing population C. Income polarity D. Differential access to health care