The United States has, by far, the largest national debt as a percentage of its GDP among industrialized nations.
a. true
b. false
Ans: b. false
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Refer to above Table 2-2. What are the constant-dollar expenditures in years 1 and 2 at fixed year 1 prices?
A) $5.00, $7.80 B) $14.00, $14.60 C) $18.00, $18.60 D) $9.00, $10.80
Which of the following organizations or types of organizations is most likely to have a legal, formal cartel agreement?
A. The American Medical Association (AMA). B. The United Auto Workers (UAW). C. The American Association of Residential Roofers (AARR). D. None of the above are likely to have legal, formal cartel agreements.
The manufacturer of a robotic vacuum sets a minimum price of $500 for its new model, the IR10. Shopping for a vacuum with a budget of $750, Lyndsey buys an IR10 for $600. Which of the following is true?
a. producer surplus of $100 b. consumer surplus of $100 c. producer surplus of $250 d. consumer surplus of $250
Which of the following would cause a change in the quantity demanded of a product?
A) a higher price B) a higher income C) expectations of future price increases D) All of the above are correct.