Refer to the scenario above. The real GDP of the country in Year 2 was ________
A) $32,000,000 B) $1,420,000 C) $240,000 D) $1,680,000
D
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Increasing opportunity cost tends to occur if
A. management is disorganized. B. markets do not equate money and opportunity cost. C. production is inefficient. D. resources are scarce. E. resources are specialized.
If the two goods in an Edgeworth Box are perfect complements for one person -- and if the other person has the typical tastes that satisfy our usual assumptions (without being extreme in any way), any efficient allocation will be such that the first person has equal amounts of good 1 and good 2.
Answer the following statement true (T) or false (F)
Microeconomics is the branch of economics that deals with which of the following topics?
A) The behavior of individual consumers B) Unemployment and interest rates C) The behavior of individual firms and investors D) B and C E) A and C
An auto-insurance company introduces an anti-theft device that records how well the customer has secured his car. If the driver locks his car with the monitored lock every day, the rates go down. The company is trying to solve a __________problem
a. Adverse selection b. Moral hazard c. Forced bankruptcy d. None of the above