The paradox of value is illustrated by the fact that
A) a pound of bread is cheaper than a pound of gold.
B) teens buy designer jeans.
C) if diamonds were free they would no longer be useful for engagement rings.
D) gold and diamonds occupy little space.
A
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)Feb. 19612352.9(B)Dec. 19693571.4(C)Nov. 19703566.5(D)Nov. 19734151.1(E)Mar. 19754010.0Which of the following periods was an expansion?
A. November 1970 through November 1973 B. December 1969 through November 1973 C. November 1970 through March 1975 D. December 1969 through November 1970
Since 1960, the only period of several years when the full-employment government budget deficit was negative (that is, there was a full-employment surplus) was
A) from 2000 to 2005. B) the late 1990s and early 2000s. C) the mid-1980s. D) the early 1970s.
_____ have faith in the free market (price) system that leads them to favor minimal government intervention
a. New Keynesian economists b. Traditional Keynesian economists c. Monetarist economists d. Traditional classical economists e. New classical economists
You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your opportunity cost of seeing a movie this afternoon?
A. $8 B. $12 C. $57 D. $22