When you purchase Gap clothing and baseball tickets
A) you are buying consumption goods.
B) you are buying capital goods.
C) you are consuming intermediate goods.
D) you are buying physical capital.
A
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A surplus tends to put ________ pressure on the price of the product, which ________ the quantity demanded
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
Which of the following represents the participation rate?
A) the ratio of the number employed to the size of the labor force B) the ratio of the number employed to the civilian noninstitutional population C) the ratio of the labor force to the civilian noninstitutional population D) the ratio of the labor force to the total number of employed and unemployed workers
When demand is elastic, a decrease in price will
A. decrease total revenue. B. not change total revenue. C. reduce quantity demanded. D. increase total revenue.
Refer to the figure below. In Venezuela, there are a very small number of extremely wealthy households and an extremely large number of very poor households. If the United States is represented by Lorenz curve c above, which curve would represent Venezuela?
A. a
B. b
C. c
D. d