If real GDP in Sweden was SEK 822 billion at the end of 1993 and SEK 950 billion at the end of 1994, we can say that the Swedish economy grew at an annual rate of 7% in 1994
a. True
b. False
Indicate whether the statement is true or false
False
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The quantity of real GDP supplied increases when the price level increases because
A) the quantity of money increases. B) the real wage rate rises. C) aggregate demand increases. D) investment increases. E) the real wage rate falls.
If the personal assets of the owners cannot be claimed if the business is bankrupt, the owners are said to have
A) a partnership type of business. B) unlimited liability. C) a proprietorship type of business. D) limited liability.
If a conflict of interest exists
A) it will always have serious adverse consequences. B) it may not have a serious adverse consequences if the incentive to take advantage of the conflict is low. C) the government needs to step in to pass legislation to remove the conflict. D) there will not be serious adverse consequences, even if the incentive to take advantage of the conflict is low.
In economics, which of the following is considered part of "land"? a. A 500 acre forest
b. bauxite deposits. c. underground pools of crude oil. d. All of the above except a. are included in the category, "land.".