In a typical year, which of the following measures of aggregate output and income is likely to be the smallest?
A. Gross domestic product.
B. National income.
C. Disposable income.
D. Personal income.
Answer: C
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In 1879 . President Rutherford B. Hayes had the first telephone installed in the White House, but it was rarely used because:
a. he didn't know what it was b. it kept breaking and no one could fix it c. hardly anyone else in Washington had a telephone, so there was no one to call or to call in d. hand written letters were considered a more correct form of correspondence
Which of the following situations describing a resource allocation method most resembles the market price method?
A) Food from the Weld County Food Bank is distributed to families in need. B) Lattes are sold at Starbucks. C) Jose works at Intel. His manager tells him what work needs to be completed each month. D) Matt's mother had the rule that whoever cuts the cake chooses their slice last. E) Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets.
In the neoclassical theory of growth, growth in ________ is the result of luck
A) saving B) income C) technology D) the real interest rate
The above figure shows the cost curves for a competitive firm. The firm will shut down in the short run if price falls below
A) $5. B) $10. C) $11. D) $15.