The basic economic issue concerning the FOR WHOM question is specifically interpreted to mean, who:
A.) Gets the available jobs.
B.) Gets to consume the goods and services that are produced.
C.) Inherits the accumulated wealth in the economy.
D.) Produces the goods and services.
B.) Gets to consume the goods and services that are produced.
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GDP is used in an attempt to
A) calculate the profitability of a country. B) measure the economic performance of a country. C) determine the overall well-being of a country. D) figure out the prices of all goods and services exchanged in the legal economy. E) guide entrepreneurs toward more profitable investment decisions.
The homoskedastic normal regression assumptions are all of the following with the exception of:
A) the errors are homoskedastic. B) the errors are normally distributed. C) there are no outliers. D) there are at least 10 observations.
Which of the following is not a problem for the price system allocating resources among different time periods?
a. Interest rates are used for a variety of purposes other than influencing investment. b. The market devotes too much to immediate consumption. c. Our market system leads to lesser real incomes for later generations. d. Our market system despoils irreplaceable natural resources.
Last year your job at the university cafeteria paid you $9 an hour and the price of a ten-minute long distance call to your girlfriend in California was $4 . This year your cafeteria job pays $9.90 per hour and the ten-minute phone call now costs $4.10 . You are clearly
a. worse off because of inflation. b. worse off because the phone call is now relatively more expensive. c. better off because your wage rate went up. d. better off because the phone call now costs less work.