Which of the following is most likely to be a normal good?
a. trips to the laundromat
b. macaroni-and-cheese dinners
c. tickets to major league baseball games
d. bus rides
e. used paperback books
C
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According to the Swiss Institute for Management Development, the top country in terms of productive efficiency is
A) Germany. B) Japan. C) Switzerland. D) the United States.
Which of the following are variable costs of production?
a. the wages paid to non-salaried employees b. the cost of wood used to produce furniture c. the cost of electricity that powers the lighting and computer systems in an office building d. All of the above are variable costs of production.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.
The financial crisis of 2008 was triggered by:
A. a speculative bubble in the U.S. housing market. B. austerity measures introduced by the U.S. government to reduce the federal deficit. C. increased trade with China. D. the economic integration of the European Union.