Should I buy a new or a used copy of the textbook? According to the economic way of thinking, the person is asking about
A) economic efficiency.
B) educational efficiency.
C) scholastic efficiency.
D) motivational efficiency.
E) academic efficiency.
A
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If the total expenditures of a typical family equaled $35,000 per year in 2010 and the exact same basket of goods and services cost $40,000 in the year 2015, the family's cost of living:
A. increased by 14 percent. B. decreased by 14 percent. C. increased by 12.5 percent. D. decreased by 12.5 percent.
Which of the following variables is used to measure economic growth?
A) nominal GDP B) nominal GDP per capita C) real GDP D) real GDP per capita
Suppose that in 2011 nominal GDP increased and real GDP decreased relative to the year 2010 . It can be concluded that:
a. the economy experienced inflation and the total production of goods and services increased. b. the economy experienced deflation and the total production of goods and services increased. c. the economy experienced inflation and the total production of goods and services decreased. d. the economy experienced deflation and the total production of goods and services decreased.
The "Classical Dichotomy" refers to:
a. a distinction between "value in use" and "value in exchange." b. separate theories of demand and supply. c. the possibility of Giffen's Paradox. d. determination of relative prices independent of the nominal price level.