A roller coaster operator produces thrill-packed rides using electricity and a roller coaster. For the roller coaster operator, electricity is
a. an opportunity cost.
b. a variable cost.
c. a fixed cost.
d. a sunk cost.
b
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If GDP rises:
A) income and production must both fall. B) income and production must both rise. C) income must rise, but production may rise or fall. D) none of the above.
A supply-side policy to cure a recession might include
A. A decrease in government spending. B. A decrease in the reserve requirement. C. A tax increase. D. Tax incentives for students and entrepreneurs.
When prices rise, which of the following happens to income?
a) It goes down b) It buys less c) It rises to meet prices d) It is used to buy different things
The Philippines and Vietnam have roughly the same size population. Suppose the GDP of the Philippines is $1,000 billion and the GDP of Vietnam is $10,000 billion. You should conclude
A) a typical person in Vietnam is 10 times as well off as the typical person in the Philippines. B) a typical person in Vietnam is more than 10 times as well off as the typical person in the Philippines. C) a typical person in Vietnam is less than 10 times as well off as the typical person in the Philippines. D) it is not possible to make a good comparison of the economic well being of a typical individual in the 2 countries without additional information.