In 1978, China was the world's 15th-largest economy. By 2011, China had:
A. the second-largest economy in the world.
B. an economy worth about $11 trillion.
C. the fourth-largest economy in the northern hemisphere
D. a larger economy than Japan but smaller than Germany.
Answer: A
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Economic growth means people produce
A) money. B) material things. C) whatever people value. D) only durable and high-quality goods.
Identify each of the following as (i) part of an expansionary fiscal policy, (ii) part of a contractionary fiscal policy, or (iii) not part of fiscal policy
a. The personal income tax rate is lowered. b. Congress cuts spending on defense. c. College students are allowed to deduct tuition costs from their federal income taxes. d. The corporate income tax rate is lowered. e. The state of Nevada builds a new tollway in an attempt to expand employment and ease traffic in Las Vegas.
In the simple Keynesian model, if aggregate expenditures exceed current output, inventories will ____ and businesses will ____ output.
a. decrease; increase b. decrease; decrease c. decrease; not change d. increase; decrease
Which of the following concerning the relationship between elasticity and total revenue is true? a. Price elasticity and total revenue are not related. b. When demand for a good is unit elastic, any price change within the unit elastic price range changes total revenue by one
c. When demand for a good is price inelastic, total revenue increases when price increases. d. When demand for a good is price elastic, total revenue increases when price increases. e. Total revenue is maximized when the price elasticity of demand is zero.