By 2010, the __________ made up more than three quarters of the United States' economy, as measured by its share of the Gross Domestic Product (GDP).
A. quaternary sector
B. no single economic sector holds such away in the US economy
C. primary sector
D. tertiary sector
E. secondary sector
Answer: D. tertiary sector
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Refer to Table 18-9. Calculate the income tax paid by Sylvia, a single taxpayer with an income of $70,000
A) $21,000 B) $15,740 C) $15,400 D) $13,475
During World War II
A) the Board of Governors was temporarily disbanded. B) the Fed was not allowed to make discount loans. C) the Fed agreed to hold interest rates on short-term Treasury securities at low levels. D) the Fed agreed not to buy Treasury securities.
For an oligopoly, when the quantity effect does not outweigh the price effect, the firm:
A. has an incentive to increase output. B. has no incentive to decrease output. C. has no incentive to increase output. D. None of these statements is true.
Why do airlines often charge students and vacationers a lower price than business travelers?
a. It is cheaper to provide airline service to students and vacationers than to business travelers. b. The demand of business travelers is generally more elastic than the demand of students and vacationers. c. The demand of students and vacationers is generally more elastic than the demand of business travelers. d. Airlines prefer to deal with students and vacationers rather than business travelers.