The middle class in China:
A. outnumbers the entire population of the United States.
B. is almost equal in size to the entire population of the California.
C. is about half the size of the population of the Germany.
D. None of these is true.
A. outnumbers the entire population of the United States.
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The gap that exists when equilibrium real GDP is less than full-employment real GDP is
A) the short-run aggregate supply curve. B) money illusion. C) an inflationary ga
When calculating GDP, the Bureau of Economic Analysis revises its quarterly data
A) a total of one time. B) many times over the next several years. C) a total of three times. D) a total of two times.
Bid-rigging is more likely when
a. auctions are larger b. auctions are frequent c. auctions generate different sets of potential bidders d. the auctioneer is paid on commission rather than a fixed fee
The sign of the price elasticity coefficient for a normal good will:
a. always be negative. b. always be positive. c. be positive if demand is elastic but negative if demand is inelastic. d. be positive if demand is inelastic but negative if demand is elastic.