Which of the following factors will decrease the current demand for a product?
What will be an ideal response?
a decrease in the current price of a substitute product
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Marginal utility can be
A. positive, but not negative. B. positive, negative, or equal to zero. C. decreasing, but not negative. D. positive or negative, but not equal to zero.
Which of the following would most likely cause measured GDP to overstate the actual output produced in a year?
a. Increased production in the underground economy b. A decline in the quality of goods and services produced c. Increased production for home use (non-market production) d. A decline in population e. Increased purchases of market produced services
In 2007, the public debt was
a. roughly $500 million b. nearly $1 trillion c. nearly $3 trillion d. $9 trillion e. over $25 trillion
Real income:
A. Is income adjusted for unemployment. B. Is income without any adjustment. C. Reflects the purchasing power of money. D. Reflects the stability of the labor force.