Which of the following are determinants of differences in income?
A) age
B) marginal productivity
C) discrimination
D) all of the above
Answer: D
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Adam Smith noted that people are adept at which of the following?
A. Confusing themselves if given the chance. B. Proving the truth of “Murphy’s Law.” C. Denying themselves for the sake of others. D. Pursuing their own self-interest. E. All of the responses are correct.
Robert Tadmur exports processed turkey and has an upward sloping supply curve. The supply curve indicates that Robert faces a marginal cost of $0.25 or less per pound for supplying the first few pounds. But every producer in this market sells turkey at the market clearing price of $0.50 per pound. The difference between the actual amount that Robert receives and what he would accept to supply the
market clearing quantity is called a. consumer surplus b. importer surplus c. producer surplus d. trade deficit e. average variable cost
When economists want to hold a number of factors constant, they are demonstrating which of the following expressions?
a. Positive economics model. b. Consumer sovereignty. c. Ceteris paribus. d. Normative economics.
To compute GDP, you must add up the value of all the goods and services produced in a country in a year.
Answer the following statement true (T) or false (F)