The ability of a firm or country to produce a good or service at a lower opportunity cost than other producers is called absolute advantage
Indicate whether the statement is true or false
FALSE
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Suppose Fred honestly tells the car dealer that the maximum amount he's willing to pay for a Ford Escort is $12,000 . The dealer says, "You're in luck! We have one on the lot for $12,000.". Which of the following statements is true?
a. The dealer's consumer surplus is $12,000. b. Fred and the dealer share $12,000 of consumer surplus. c. Fred's consumer surplus is $12,000. d. Fred receives no consumer surplus. e. The car is not worth $12,000.
If you were the Chairman of the Fed and faced inflation, you would most likely
a. encourage commercial banks to provide loans by buying government securities b. encourage commercial banks to provide loans by raising the discount rate c. encourage commercial banks to provide loans by selling government securities d. restrict commercial bank lending by selling government securities e. restrict commercial bank lending by lowering the federal funds rate
Which of the following would be included in Gross National Product (GNP) but not in Gross Domestic Product (GDP)
What will be an ideal response?
In the arena of decision making, the choice that will automatically take place if the chooser fails to make an active decision is called the:
A. choice option. B. default option. C. processing option. D. auto option.