Throughout the period from 1996 to 2010, U.S. Real GDP growth has been
A. constant.
B. declining.
C. steadily increasing.
D. fluctuating.
Answer: D
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Suppose the supply of apartments in Minneapolis is perfectly elastic. The effect of a $100 per month tax on all apartments is that
A) landlords pay none of the tax and there is a surplus of apartments. B) landlords pay all of the tax and suffer all of the deadweight loss. C) landlords pay all of the tax and no changes take place in the quantity of apartments supplied. D) renters pay all of the tax. E) the government collects no tax revenue because the supply is perfectly elastic.
In ________, health care spending per person based on income per person is significantly higher than the average for most other countries
A) the United States B) Austria C) Norway D) Canada
The gains from trade rely on overall productivity (absolute advantage)
Indicate whether the statement is true or false
The basic difference between macroeconomics and microeconomics is that: a. microeconomics looks at aggregate markets while macroeconomics is concerned with individual markets. b. macroeconomics is concerned with policy decisions while microeconomics applies only to theory
c. microeconomics is concerned with individual markets while macroeconomics is concerned with aggregate markets. d. macroeconomics is concerned with positive economics while microeconomics is concerned with normative economics.