The GDP includes
A. the value of all intermediate goods and services.
B. the value of all final goods and services.
C. the value of both intermediate and final goods and services.
D. the value of all transactions.
Answer: B
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The basic human tendency to overvalue recent experience when trying to predict the future is called:
A. the recency effect. B. tulip mania. C. the leverage effect. D. herd instinct.
Which of the following is an example of a positive statement?
A. Ceteris paribus, a teacher should award a higher grade if you study more hours for an economics test. B. When the price of an item increases, people respond by reducing their consumption of the item. C. The government should balance the budget. D. It is too hot to go jogging.
The "law" of demand can be best described by
A) people will buy things that they enjoy. B) if incomes rise, people will buy more. C) a rise in price will cause shortages. D) a fall in price will increase quantity demanded.
If price were $190, there would be a _____ (shortage or surplus) of _____.
