Approximately how much of aggregate national income in the United States is spent on health care today?
A) 2 percent
B) 7 percent
C) 17 percent
D) 34 percent
C
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All else equal, when a monopolist increases its price, revenue will fall because of the lost sales
a. True b. False
If domestic residents are restricted in their ability to purchase foreign assets then their government is imposing:
A. controls on capital outflows. B. controls on both capital inflows and outflows. C. fixed exchange rates. D. controls on capital inflows.
Answer the next question using the figure below.
In the diagram, line AB is the U.S. production possibilities curve and line ACÂ shows the consumption possibilities for the U.S. after it has decided to engage in international trade. We can conclude that the United States
A. has decided to trade beef for cheese. B. has chosen to specialize in the production of cheese. C. is relatively more efficient than its trading partners in producing both cheese and beef. D. has chosen to specialize in the production of beef.
An asset that can easily be exchanged for goods and services is referred to as:
a. an intangible asset. b. a productive resource. c. a liquid asset. d. a fixed asset. e. a scarce resource.