Exports from the United States (as a percentage of GDP) have
A. remained constant for the last 50 years.
B. increased from 1960 to 1980 but has been steady since.
C. increased over the last 50 years.
D. decreased over the last 50 years.
Answer: C
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According to the endowment effect, people are unwilling to sell a good they already own in which of the following situations?
a. if they are offered a price greater than the price they would pay if they did not already own the good b. if they are offered a price lower than the price they would have to pay to replace the good c. if they can't replace the good d. if the good was a gift that had great sentimental value
Corrina was working as a waitress in an Italian restaurant making an annual income of $25,000 per year when she decided to start up her own catering business. Corrina used $10,000 of her savings that was earning 5 percent annual interest to establish her
business. After the first year she made an accounting profit of $20,000. Her economic profit was A) -$5,550. B) -$5,000. C) $20,000. D) $25,000.
In the case of a specific tax, tax incidence is independent of who pays
A) only when supply and demand elasticities are not constant. B) only when the tax is collected from consumers. C) in most but not all cases. D) in all cases.
Roughly what fraction of total spending is consumption spending?
a. One-half b. One-eighth c. Two-fifths d. One-quarter e. Two-thirds