In an arms race between two nations, both would be better off if _____
a. they could agree not to engage in the arms buildup
b. if more countries entered the arms race
c. one nation controlled more resources than the other
d. a conflict broke out in another part of the world
a
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You can buy a season ticket to the Metropolitan Opera for $800. A season ticket plan to see the New York Knicks is $1600. Which of the following is a CORRECT statement?
A) The money price of opera tickets is 1/2 of a Knicks ticket per opera ticket. B) The opportunity cost of a Knicks ticket is 2 opera tickets per Knicks ticket. C) The relative price of an opera ticket is $800. D) the money price of a Knicks ticket is 2 opera tickets per Knicks ticket.
National income is equal to
A) GDP minus depreciation. B) GNP plus depreciation. C) disposable personal income plus depreciation plus personal taxes. D) personal income minus personal taxes.
In Figure 5.1, during the period between the early 1970s and 1980, real GDP grew at a faster rate than nominal GDP. This is an indication that
A. Average price levels increased. B. Production increased at a slower rate than average price increased. C. Production increased at a faster rate than average price increased. D. Average price levels decreased.
Behavioral economics is an approach to the study of consumer behavior
A. that, in contrast to standard approaches in economics, relies on real-world data to evaluate the usefulness of economic models. B. that emphasizes the capabilities of individuals to succeed in attaining all their unlimited wants utilizing limited resources. C. that, in contrast to standard approaches in economics, utilizes the ceteris paribus assumption. D. that emphasizes psychological limitations and complications that potentially interfere with rational decision making.