The above figure shows the market for hamburger. Which panel shows the effect of a drought in "cattle country"?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
C
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Assume that the size of the underground economy increases both absolutely and relatively over time. As a result:
A. real GDP will rise more rapidly than nominal GDP. B. GDP will tend to increasingly understate the level of output through time. C. GDP will tend to increasingly overstate the level of output through time. D. the accuracy of GDP will be unaffected through time.
What is the percentage of income received by the middle three quintiles on line X?
Profits that are reinvested in a firm rather than paid to the firm's owners are called
A) dividends. B) stock options. C) retained earnings. D) corporate bonds.
Which of the following is not listed in the book as a reason to study economics?
A. to be an informed citizen B. to learn a way of thinking C. to understand society D. to learn how to make lots of money