A person's decision to supply a certain amount of labor in a week is simultaneously a decision to consume a certain amount of leisure per week
a. True
b. False
Indicate whether the statement is true or false
True
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A good is nonexcludable if the benefits derived from consuming it cannot be easily denied to those who do not purchase it
a. True b. False
Assume that foreign capital flows from a nation increase due to political uncertainly and increased risk. If the nation has highly mobile international capital markets and a fixed exchange rate system, what happens to the real risk-free interest rate and GDP Price Index in the context of the Three-Sector-Model? a. The real risk-free interest rate rises and GDP Price Index rises
b. The real risk-free interest rate falls and GDP Price Index falls. c. The real risk-free interest rate rises and GDP Price Index falls. d. The real risk-free interest rate and GDP Price Index remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.
Which of these activities will most likely result in an external benefit?
a. Ted purchases a dilapidated house and cleans up the yard and exterior of the house. b. Tim purchases an iPhone and downloads new apps. c. Terri purchases a new SUV and drives it to work every day. d. Thomas purchases a suit and wears it on his interviews.
Which of the following is a false statement about absolute and comparative advantage?
a. Comparative advantage is the basis for gains from trade. b. It is possible for one country to have the absolute advantage in all goods. c. It is possible for one country to have the comparative advantage in all goods. d. To find comparative advantage, you need to consider opportunity cost. e. All of these statements are true.