Which of the following statements is true about the U.S. economy?
A. The United States produces less than one-third as much as Japan does.
B. The United States has the world's third largest economy.
C. The United States produces less than half as much as China does.
D. The United States produces nearly one-fifth of the world's production.
Answer: D
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Refer to Figure 9-5. The tariff causes domestic consumption of coffee
A) to fall by 7 million pounds. B) to rise by 6 million pounds. C) to fall by 27 million pounds. D) to rise by 20 million pounds.
To determine whether two goods are substitutes or complements, an economist would estimate the:
a. price elasticity of demand. b. income elasticity of demand. c. cross-elasticity of demand. d. price elasticity of supply.
Demand-pull inflation is caused by a rightward shift of the aggregate demand curve
a. True b. False Indicate whether the statement is true or false
Lana spent $5 to see a movie. We know
a. the movie was worth 500 utils. b. Lana's total utility from movies was $5. c. the movie was worth at least $5 worth of other goods. d. the movie increased marginal utility.