A definition of the gross domestic product (GDP) is:
A. personal consumption expenditures, gross private domestic investment, and net exports.
B. the market value of all intermediate goods and services produced by the economy in one year.
C. the sum of wage and salary compensation of employees, interest income, and rental income.
D. the market value of final goods and services produced by the economy in one year.
Answer: D
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In which of the following markets are external benefits most likely to exist?
A) in the market for gasoline B) in the market for ball pens C) in the market for flu shots D) in the market for cigarettes
As long as a consumer remains on the same indifference curve,
a. she is indifferent to all points that lie on any other indifference curve. b. her preferences will not affect the marginal rate of substitution. c. she is unable to decide which bundle of goods to choose. d. she is indifferent among the points on that curve.
Inflation costs are minimized under which inflation rate?
a. -20 percent b. 5 percent c. 15 percent d. 575 percent
The supply curve of labor for any particular occupation is upward sloping because
A. higher wages usually imply higher education and training requirements for the job. B. all supply curves are upward sloping. C. a higher wage is necessary to attract more people into that occupation from other occupations. D. working conditions are more important than wages in a person's choice of occupation.