Nominal GDP is the market value of ________.
A. all output produced and accumulated over the years
B. resources (land, labor, capital, and entrepreneurship) in an economy in a given year
C. all consumption and investment spending in an economy in a given year
D. all final goods and services produced in an economy in a given year
Answer: D
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In many rural areas, electric generation and distribution utilities were initially set up as cooperatives in which the electricity customers were member-owners. Like most cooperatives, the objective of these firms was to:
A) maximize profits for the member-owners. B) maximize total revenue that could be redistributed to the member-owners. C) operate at zero profit in order to provide low electricity prices for the member-owners. D) minimize the costs of production.
With which of the following responses would the Census Bureau declare the person unemployed?
a. "I am currently working full-time but my employer is going to lay me off tomorrow." b. "I am currently working part-time but I would like to work full-time." c. "I was working at two different jobs, I lost my primary job a few weeks ago, and I am searching for a new job." d. "I would love a job but I am not looking for one because I have no chance of finding one." e. "I just turned 16 and I am looking for a job."
Along a downward-sloping straight-lined demand curve, the elasticity of demand is greater at ________ prices and more inelastic at _______ prices.
Fill in the blank(s) with the appropriate word(s).
If an increase in income results in an increase in the quantity demanded for a product, the product is ________, and the value of the income elasticity of demand is ________.
A. a normal good; positive B. a normal good, negative C. an inferior good; positive D. an inferior good; negative