How much is the MPS?
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A product has utility if it:
A. takes more and more resources to produce successive units of it. B. violates the law of demand. C. satisfies consumer wants. D. is useful.
Refer to the information provided in Scenario 22.2 below to answer the question(s) that follow.SCENARIO 22.2: A survey of 1,000 people in Austin, Texas (population 900,000) found that those who have chosen to eat organic produce for at least the past 5 years have experienced fewer serious medical issues than those who have not elected to eat organic produce. Therefore, the conclusion was made that eating organic produce helps prevent people from experiencing serious medical problems.Refer to Scenario 22.1. Which of the following statements pertaining to the scenario is the most accurate with respect to selection bias?
A. The survey exhibits selection bias in that only 1,000 people were surveyed in a city with a population of 900,000). B. The conclusion exhibits selection bias in that there may be other factors, such as those who eat organic produce also exercise on a more regular basis, that could account for fewer serious medical problems. C. The survey exhibits selection bias in that the 5-year time frame used to gauge serious medical issues is not long enough. D. All of the above are correct.
The overall increase in GDP that results from a $1 cut in taxes is called the
A. tax multiplier. B. base multiplier. C. fiscal multiplier. D. government spending effect.
One year nominal GDP was $36 trillion and the price index was 120. Real GDP that year was:
a. $12 trillion b. $30 trillion c. $48 trillion d. $24 trillion