Which of the following items results in an increase in the economy's measured GDP ceteris paribus?
a. more leisure time
b. higher quality goods
c. cleaner air
d. increased medical expenditures
e. reduced workplace accidents
D
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Figure 5-6
A shift in the budget line in Figure 5-6 from AB to AC indicates
A. the price of wine coolers has risen. B. income has increased. C. the price of beer has fallen. D. the price of wine coolers has fallen. E. All of the responses are correct.
Consider the production possibilities frontier displayed in the figure shown. Which of the following combinations could be produced?
A. (20 watermelons, 400 bushels of apples)
B. (15 watermelons, 100 bushels of apples)
C. (10 watermelons, 300 bushels of apples)
D. (10 watermelons, 400 bushels of apples)
Why is it necessary to separate the management function in an organization from those of finance and residual claimancy?
For society as a whole, producing more of one good or service has an opportunity cost because
a. human wants are limited and resources are unlimited b. both human wants and resources are unlimited c. resources are limited; human wants are irrelevant d. human wants are unlimited and resources are limited e. both human wants and resources are limited