Gross domestic product is
A. one of many indicators of prosperity, some of which are monetary, and some of which are not.
B. the only indicator of prosperity that economists use.
C. one of many indicators of prosperity, all of which are monetary in nature.
D. not a useful indicator of prosperity.
Answer: A
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The free rider problem is triggered when a good is ______________, and the tragedy of the commons arises when a good is ________________
A. nonexcludable; both rivalrous and nonexcludable. B. rivalrous; both rivalrous and nonexcludable. C. both rivalrous and nonexcludable; rivalrous. D. both rivalrous and nonexcludable; excludable.
Demand is said to be unit elastic if quantity demanded
a. changes by the same percent as the price. b. changes by a larger percent than the price. c. changes by a smaller percent than the price. d. does not respond to a change in price.
Inefficiency exists in an economy when a good is
a. not being consumed by buyers who value it most highly. b. not distributed fairly among buyers. c. not produced because buyers do not value it very highly. d. being produced with less than all available resources.
Money is still useful during times of inflation because
A) it still retains the characteristic of predictability of value. B) its opportunity cost falls as inflation rises. C) more money can be made so people can still purchase the goods and services they want. D) it is not a liquid asset.