Business inventories are included in the GDP component of private domenstic investment.
a. true
b. false
Answer: a. true
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The concept of comparative advantage applies:
a. only to people with at least a high school diploma. b. only to people who are currently employed. c. to situations in which you have information about the salary levels of those with whom you are competing for a job. d. to every case of trade or exchange. e. only to goods that are sold in the domestic market.
What is the name of the mathematical result showing that no voting system can simultaneously satisfy the properties of unanimity, transitivity, independence of irrelevant alternatives, and no dictators?
a. The fundamental theorem of behavioral economics b. Arrow's impossibility theorem c. The fundamental theorem of voting d. The median voter theorem
Governments can use public regulation to help solve information problems by:
A. making screening illegal. B. mandating participation in a market or program. C. mandating employers build a reputation before screening. D. All of these statements are true.
Refer to Scenario 19.4 below to answer the question(s) that follow. SCENARIO 19.4: Suppose demand for widgets is given by the equation P = 10 - 0.25Q. Originally, the price of the good is $5 per unit. When a tax of $1 per unit is imposed, the price of the good rises to $6 per unit.Refer to Scenario 19.4. What is the total burden of the tax?
A. $2 B. $18 C. $32 D. $50