Real GDP per person is not an accurate measure of the standard of living because it ______
A. includes the goods and services that governments buy
B. omits the goods and services that people produce for themselves
C. includes goods and services bought by firms
D. omits the goods and services imported from other countries
B In less developed nations, GDP is a poor measure of the stan-dard of living because much of a person's consumption is produced by the person themself.
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Jane is deciding whether to go to school for 8 weeks this summer. The cost of tuition and textbooks is $1,700 and housing and other expenses will cost her $600
If she does not go to school, she will live in her parents' house for free and they will cover her food and other expenses for her. Also, if Jane does not go to summer school she could work fulltime. But the best job she can get pays only $600 per week, and Jane would only agree to give up her free time for no less than $750 per week. However, if she goes to summer school, she'll have to spend 40 hours a week attending classes and studying. a) What will the summer school cost Jane in terms of money spent? b) What are the opportunity costs of going to summer school that Jane does not pay explicitly? Explain. c) What is Jane's total opportunity cost of going to school this summer? Explain your answer. d) Suppose that if Jane does not go to summer school, she will eventually take the classes anyway. What is Jane's marginal benefit of going to summer school? e) Suppose Jane decides to go to school in the summer. Explain her decision using the concepts of marginal cost and marginal benefit.
Economic growth is only possible if the long-run aggregate ______ curve shifts to the ______.
A. supply; right B. supply; left C. demand; right D. demand; left
For every choice a person makes it can be assumed that
A. some opportunity cost was involved. B. a good is involved and satisfaction is gained. C. the chooser has full knowledge of the situation. D. there is a fifty-fifty chance the choice was the wrong one.
How does the price system cope with depletable resources?