If at a particular price level real domestic output from producers is greater than real domestic output desired by purchasers, there will be a:
A. shortage and the price level will fall.
B. shortage and the price level will rise.
C. surplus and the price level will fall.
D. surplus and the price level will rise.
Answer: C
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When China builds a dam using few machines and a great deal of labor, it is answering the ________ part of one of the two big economic questions
A) "what" B) "how" C) "where" D) "for whom"
Private donations of aid are:
A. not generally counted in aid statistics that are reported by various aid agencies. B. larger than the entire budget for official foreign aid provided by the U.S. C. a significant portion of aid, nearly half as much as the budget for official foreign aid provided by the U.S. D. a dwindling portion of aid given to foreign countries.
The characteristic of limited liability enables corporations to
A. raise large amounts of financial capital. B. exist even when owners die. C. start up and dissolve easily. D. avoid taxes on some of their profits.
Arrange the following goods from least to most elastic, explaining your ordering: gasoline, Shell gasoline, and Shell gasoline at a particular gas station