The percentage of goods and services the United States has imported from China and India over the last 15 years:
A. has risen.
B. initially rose and then dropped back to the original level.
C. has remained roughly the same.
D. has fallen.
Answer: A
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Which of the following is directly accounted for in the calculation of GDP?
A) the value of one hour of leisure as measured by the hourly wage one would otherwise earn by working B) the value of repairing your own kitchen sink as measured by the average rates charged by local plumbers C) cash earnings from an illegal poker game D) improvements in quality of life from the reduction of pollution E) None of the above items is accounted for in GDP.
Some economists argue that competitive price-searcher markets are inefficient because
a. the firms earn economic profits in the long run. b. the firms' marginal costs and marginal revenues are not always equal. c. firms do not produce the output rate that would minimize their average total costs. d. barriers to entry are high.
Because the benefits of basic research are obvious and easy to measure, it is likely that the public sector pays for the right amount and the right kinds of basic research
a. True b. False Indicate whether the statement is true or false
Refer to Figure 6.16. Why was Jason NOT maximizing his utility at point C?
What will be an ideal response?