Factors of production
a are not the same in different economies
b are only two in free enterprise economies
c include land and labor
d steel mills
8 Relative demand elasticity is high for
a healthcare
b food in general
c hot dogs
d Pepsi and Coke
9 If real income has risen from $4 trillion to $4.2 trillion and the price level went up
by 10 percent, by how much has the nominal income risen?
a $440 billion
b $400 billion
c $360 billion
d none of the above
10 Tax and spend is
a a classical economics concept in nature
b a Keynesian concept in nature
c primarily an emphasis on free enterprise economy
d a little used area of monetary policy
11 The supply curve represents a relationship between
a the producer and the market
b the suppliers and the firm
c price of a product and its production quantity
d produced goods and the economy as a whole