Which one of the following events will leave GDP unchanged?
a. You pay $500 to repair your car damaged in an accident.
b. You buy a new domestic car to replace one that was stolen.
c. You lose $500 playing blackjack with friends.
d. You work extra hours this month to help make up for the money you lost playing blackjack.
C
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If the demand for orange juice is expressed as Q = 2000 - 500p, where Q is measured in gallons and p is measured in dollars, then at the price of $3, the demand curve
A) is elastic. B) has a unitary elasticity. C) is inelastic. D) is perfectly inelastic.
2.2 "Supply-Side" Economics
What will be an ideal response?
In the 1970s, the U.S. relied on Command-and-Control models of pollution regulation.
A. True B. False C. Uncertain
The unionization rate of public sector workers is about:
A. 10.3%. B. 17.1%. C. 24.4%. D. 34.4%.