Other things equal, expected income can be used as a direct measure of well-being
A) always.
B) no matter what a person's preference to risk.
C) if and only if individuals are not risk-loving.
D) if and only if individuals are risk averse.
E) if and only if individuals are risk neutral.
E
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If government expenditures are increased by $50 billion, assuming all other factors stay constant, we would expect the initial impact of the increased spending to cause real GDP to
A. increase by $50 billion. B. stay constant. C. increase by less than $50 billion. D. increase by more than $50 billion.
Use the following data to calculate equilibrium real GDP: C= .75Y, I = $2 trillion, G=$1 trillion and NX = -$0.5 trillion
What will be an ideal response?
A firm's opportunity costs of using resources provided by the firm's owners are called
a. sunk costs b. fixed costs c. explicit costs d. implicit costs e. entrepreneurial costs
The quantity of goods and services that can be produced by one worker or by one hour of work is referred to as
A) technology. B) labor productivity. C) real GDP. D) human capital.