In the United States, what percentage of smog comes from automobiles?
a. 5 percent
b. 15 percent
c. 25 percent
d. 40 percent
e. 80 percent
D
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Kelly has received a $50 check from her Grandparents to help with her expenses at college. She has narrowed her choices of how to spend the money to three: a new backpack, a dinner out with a friend, a fleece vest. Of these she likes the vest best and the backpack least. What is her cost of buying the fleece vest?
a. $50. b. A new backpack. c. A dinner out with a friend. d. Nothing since the money was a gift to her.
When the economy switches production toward services and away from manufacturing and workers in the manufacturing industry are permanently laid off
A) frictional unemployment decreases. B) structural unemployment increases. C) cyclical unemployment increases. D) frictional and cyclical unemployment increase.
Adam Smith believed that people's pursuit of their own self-interests
a. tended to promote the general welfare
b. required the government's "invisible hand" to keep the economy running smoothly
c. might cause aggregate demand to be greater than aggregate supply
d. would increase the wealth of a nation, which was the quantity of gold and silver it owned
e. would decrease the wealth of a nation, which was its ability to produce goods and services
Manager-determined prices are
A. not determined by the forces of demand and supply. B. exogenous variables in a demand equations. C. associated with price-taking firms. D. both a and b E. both b and c