Since the 1960s, some of the best examples of transition from developing to developed economies can be found in
A. Western Europe.
B. East Asia.
C. North America.
D. West Asia.
Answer: B
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The value of a slice of pizza to a consumer is equal to
A) its marginal benefit. B) the maximum price the consumer is willing to pay. C) the consumer surplus. D) Both answers A and B are correct. E) Both answers B and C are correct.
During the turmoil in the market for subprime mortgages in 2007 and 2008, the Fed increased the volume of discount loans. The goal of the Fed was to
A) reassure financial markets and promote financial stability. B) stimulate economic growth. C) reduce unemployment. D) reduce the rate of inflation. E) reduce the current account deficit.
Which of the following observations concerning GDP calculations is true?
a. Goods and services produced by governments are valued at market price. b. Inventories are treated as if they are yet to be sold. c. Goods produced but not sold during the year are counted in that year's GDP. d. Goods that firms add to their inventories do not count in the GDP.
Refer to the accompanying figure. Suppose the solid line shows the current demand for coffee. In response to news that next year's coffee harvest will be extremely good due to favorable weather conditions, you should expect:
A. the quantity of coffee demanded to decrease, but no shift in the demand curve. B. the demand curve to shift to D(B) in anticipation of lower future prices. C. the demand curve to shift to D(A) in anticipation of lower future prices. D. neither a change in quantity demanded nor a shift in demand because it will be a long time before next year's coffee crop is harvested.