Which of the following would be added to U.S. national income?
A. An American consumer buying French wine
B. An American business selling aircraft to British Airways
C. A Swedish firm selling mobile phones to Americans
D. A French firm buying a Swedish cellular phone
Answer: B
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The more closely substitutable are two goods, the
A) more normal looking is the indifference curve for the two items. B) more closely the indifference curve for these two items approximates a straight line. C) more tightly curved is the indifference curve for these items. D) None of the above answers is correct.
Explain what is meant by the term ceteris paribus. Why is this concept often used in economic models?
What will be an ideal response?
Which of the following is true, if real GDP in Year 1 is €5,000 and in Year 2 is €5,200?
(a) Output has increased by 4 percent. (b) Output has declined by 4 percent. (c) Output change is uncertain. (d) The economy is experiencing 4 percent inflation.
Which one of the following is not a function of money?
A. open market operation B. store of value C. medium of exchange D. unit of account