Rank the following goods from least to most elastic: school, prep school, Purebred Prep School
A) School, prep school, Purebred Prep School
B) Prep School, school, Purebred Prep School
C) Prep School, Purebred Prep School, School
D) Purebred Prep School, Prep School, School
E) None of the above.
A
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The International Water Management Institute estimates that clean water could be provided to everyone on earth for an outlay of $______ a year beyond current spending on water projects.
Fill in the blank(s) with the appropriate word(s).
Price ceilings and price floors
A) shift demand and supply curves and therefore have no effect upon the rationing function of prices. B) interfere with the rationing function of prices. C) make the rationing function of free markets more efficient. D) cause surpluses and shortages, respectively.
Suppose GDP is $5.0 trillion, resource extraction is $0.5 trillion, production is $1.5 trillion, and distribution is $1.0 trillion.
1. How big is GO? 2. How big is GO minus GDP?