Consumption spending is part of __________ and the largest component of consumption spending is for ____________
a. GDP; services
b. national income; durable goods
c. national income; nondurable goods
d. GDP; housing
e. GDP; food
A
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________ indicates whether a country is a net borrower from or lender to the rest of the world
A) The basic balance B) The liquidity balance C) The capital account D) The current account
Which of the following would be example(s) of the resource cost of inflation?
a. Shopping several web sites to check prices b. Changing price tags c. Re-printing menus d. The wear and tear on your car from additional trips to the bank e. All of the above
During the early 1990s, many workers in military-related industries lost their jobs as the defense budget was reduced. Unemployment of this type is called
a. cyclical unemployment. b. the natural rate of unemployment. c. frictional unemployment. d. structural unemployment.
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.