A perfectly price elastic demand curve will be a ________ line.
A. horizontal
B. positively sloped
C. vertical
D. negatively sloped
Answer: A
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Fighting inflation by slowing the growth of aggregate demand is
a. endorsed by most politicians. b. a convenient way to reduce inflation. c. unpopular with politicians. d. always easily accepted by firms and workers.
Recall the Application about intellectual property in GDP accounts to answer the following question(s).According to the Application, prior to 2013, which of the following was counted as intermediate inputs in our GDP accounts?
A. research and development B. software development C. new artistic work D. All of these are correct.
Which of the following would be categorized as "land"?
A) timber B) human capital C) buildings D) entrepreneurship
Which of the following best defines national income?
A. Income received by households less personal taxes. B. The before-tax income received by households. C. Incomes earned by U.S. resource suppliers plus taxes on production and imports. D. The market value of the annual output net of consumption of fixed capital.