Economic theory has traditionally focused on optimality in decision-making
a. True
b. False
Indicate whether the statement is true or false
True
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The total resource cost of goods and services produced by the U.S. economy is known as
a. real GDP. b. personal income. c. national wealth. d. national income.
Macroeconomic topics do not generally include: a. inflation
b. aggregate demand. c. government spending and taxation. d. the production decisions of individual firms.
Which of the following best illustrates the free-rider problem? a. A tollbooth is constructed at the entrance of a privately funded highway
b. Individuals contribute toward a national defense program by paying taxes to the government. c. Some homeowners in a mountain resort area refuse to contribute toward paving the area's only access road. d. You erect a locked gate around your swimming pool to keep out unsupervised children.
In the spot market, the spread is the difference between the bid and offer rates and is the trader's profit margin.
a. true b. false