As long as an item has never been sold, its value is counted in GDP for the year in which it is finally sold.
Answer the following statement true (T) or false (F)
False
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The reason that opportunity costs arise is that
A. people have unlimited wants. B. there are no alternative decisions that could be made. C. an economy relies on money to facilitate exchange of goods and services. D. resources are scarce.
Use the above figure. When the budget line rotates from "b" to "c"
A. the price of product K increases and the quantity demanded of product K decreases. B. the price of product J increases and the quantity demanded of product J decreases. C. the price of product K decreases and the quantity demanded of product K increases. D. the price of product J decreases and the quantity demanded of product J increases.
The collection and use of data to test economic theories is called empirical economics.
Answer the following statement true (T) or false (F)
Which of the following is not true about macroeconomic models?
A. They are based on theories of macroeconomic behavior. B. They attempt to identify key determinants of macro performance. C. They tend to agree with each other about how the economy works. D. They are mathematical summaries of the economy's performance.