If an economy maintains a small rate of growth for a long period of time, then the size of the economy:
A. can increase by a large amount.
B. can only increase by a small amount.
C. will stay nearly constant.
D. can never double.
Answer: A
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The value of all final goods and services produced during a given time period measures a nation's
A) net exports. B) net national product. C) consumer price index. D) gross domestic product.
Sherry wants to rent an apartment. Although rents are below what she is willing to pay, she cannot find an apartment. Then after a month of searching, she finds an apartment but she has to pay an additional $1,000 to have the locks changed
Sherry has just experienced the effects of ________. A) a rent floor with a black market B) inelastic demand C) a market working efficiently D) a rent ceiling
Exchange rates will affect imports and exports, and thus affect aggregate ______ in the economy.
a. production b. sales c. supply d. demand
Refer to Figure 3.1. If one of the graphs represents the total cost of an activity, which other graph best represents the marginal cost of the activity?
A. A
B. B
C. C
D. D