The application of new technology refers to
A. imitation.
B. investment.
C. innovation.
D. education.
Answer: C
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The four categories of final users of GDP are:
A. businesses, firms, governments, and the foreign sector. B. households, firms, governments, and the foreign sector. C. businesses, corporations, firms, and farms. D. households, the Federal Reserve, governments, and the foreign sector.
Which of the following is a part of the potential work force of a country?
A) People on active duty in the military. B) Institutionalized people C) Civilian non-institutionalized people aged 16 years and above D) Children aged 15 and lower
Which of the following statements is true about the income elasticity of demand?
A) The income elasticity of demand for normal goods is always zero. B) The income elasticity of demand for inferior goods is always zero. C) The income elasticity of demand for normal goods is always positive. D) The income elasticity of demand for inferior goods is always positive.
One explanation for the slope of the aggregate demand curve is that: a. nominal income falls and so does the demand for goods and services as prices rise
b. falling prices make people feel poorer and reduce spending. c. the government spends less to drive the price level back to normal as prices rise. d. businesses increase spending when inflation is high and rising. e. domestic goods become more expensive relative to foreign goods when prices rise, reducing exports.