People make mistakes in allocating their time
a. because they always act irrationally
b. despite always having expectations fulfilled
c. only when leisure is a normal good
d. because acquiring information is costly
e. more often when the cost of making a mistake is high
D
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What is typically used for cross country comparisons of GDP?
a. purchasing power parity (PPP) b. exchange rate c. GDP per capita d. GDP
Suppose for some firm that average total cost is minimized at Q1 units of output. For a monopolistically competitive firm in long-run equilibrium, Q1
a. is also the level of output at which marginal cost equals average total cost. b. exceeds the level of output at which there is a point of tangency between the demand curve and the average total cost curve. c. exceeds the level of output at which marginal revenue equals marginal cost. d. All of the above are correct.
Between 2009 and 2011, Federal Spending as a percentage of GDP ranged between
A. 35% and 45%. B. 22% and 25%. C. 16% and 22%. D. 47% and 61%.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.