Your purchase of a Gucci purse made in Italy would be classified as:
a. both c and d
b. an investment good.
c. a durable good.
d. an import.
e. an export.
d
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James used $200,000 from his savings account that paid an annual interest of 10% to purchase a hardware store. After one year, James sold the business for 300,000 . His economic profit is:
a. $300,000 b. $100,000 c. $80,000 d. $20,000
Federal Spending in 2016 was
A. $4 billion. B. $400 trillion. C. $40 trillion. D. $4 trillion.
When people change their minds about what they want simply because of the timing of the decision, economists refer to it as:
A. cost-price inconsistency. B. information overload paradox. C. time inconsistency. D. time barriers to optimization.
Social insurance programs are event-conditional.
Answer the following statement true (T) or false (F)