In the United States, GDP is typically measured
A) monthly.
B) quarterly.
C) daily.
D) weekly.
B
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In a freely operating market system, queuing is most likely to occur when
A) selling necessities. B) the market clearing price increases. C) demand fluctuates unpredictably and quickly. D) demand increases gradually over time.
The Laffer curve depicts a basic idea of which of the following schools?
a. supply-side economics b. rational expectations c. Keynesian d. neo-Keynesian e. classical
Exhibit 3-8 Demand and Supply Data for Video Games ? Price Quantity Demanded of Video Games Quantity Supplied of Video Games $75 400 900 70 450 850 65 500 800 60 550 750 55 600 700 50 650 650 45 700 600 40 750 550 ? In Exhibit 3-8, at any market price of video games above $50, a(n) ______________ would result, causing price to __________.
A. excess demand; rise B. excess supply; rise C. excess demand; fall D. excess supply; fall
The benefit (or satisfaction) that an individual expects to derive from an activity is called
a. opportunity cost.
b. utility.
c. marginal cost.
d. scarcity.