In order to demand a good, the buyer must:
a) Want the good very much.
b) Think that the good has significant utility.
c) Be aware of the opportunity costs.
d) Be both willing and able to pay for it.
Answer: d) Be both willing and able to pay for it.
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The largest component of gross domestic product is:
a. consumption expenditure. b. investment expenditure. c. government spending. d. international spending.
An individual's supply curve is backward bending
a. True b. False Indicate whether the statement is true or false
An example of a good or service that would not count in the U.S. GDP would be:
A. a t-shirt made by Organi-tee in Oregon. B. a t-shirt made by The Gap in Cambodia. C. a bottle of water made by Poland Springs in Maine. D. a TV made by Toshiba in Georgia.
Which of the following statements is NOT correct?
A. Adverse selection will not occur if there is no asymmetric information. B. Information plays an important role in the economy. C. It is always desirable to have more information than the person one is trading with. D. Asymmetric information may lead to the disappearance of a market.