Tangible items consumed for a short-period of time are called ______.
a. nondurable services
b. durable services
c. nondurable goods
d. durable goods
c. nondurable goods
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On Saturday morning, you rank your choices for activities in the following order: go to the library, work out at the gym, have breakfast with friends, and sleep late. Suppose you decide to go to the library. Your opportunity cost is
A) working out at the gym, having breakfast with friends, and sleeping late. B) working out at the gym. C) zero because you do not have to pay money to use the library. D) not clear because not enough information is given.
The redirection of macroeconomic policy that took place during the Reagan and both Bush administrations was inspired by
a. supply-side economics. b. real business cycle theory. c. new classical economics. d. new Keynesian directions.
Which of the following macroeconomic models suggests that the economy is "unstable at times as a result of human intervention"?
Refer to the information provided in Scenario 22.2 below to answer the question(s) that follow.SCENARIO 22.2: A survey of 1,000 people in Austin, Texas (population 900,000) found that those who have chosen to eat organic produce for at least the past 5 years have experienced fewer serious medical issues than those who have not elected to eat organic produce. Therefore, the conclusion was made that eating organic produce helps prevent people from experiencing serious medical problems.Refer to Scenario 22.1. Which of the following statements pertaining to the scenario is the most accurate with respect to selection bias?
A. The survey exhibits selection bias in that only 1,000 people were surveyed in a city with a population of 900,000). B. The conclusion exhibits selection bias in that there may be other factors, such as those who eat organic produce also exercise on a more regular basis, that could account for fewer serious medical problems. C. The survey exhibits selection bias in that the 5-year time frame used to gauge serious medical issues is not long enough. D. All of the above are correct.