Official GDP numbers do not include the activity of the ________ economy, which includes illegal activities and off-the-book transactions.
A. laissez-faire
B. unofficial
C. underground
D. barter
Answer: C
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Which is the more efficient use of one's tight budget: going to a first-run movie at $7.50 or waiting for the video to be available through Netflix?
A) Going to the first-run movie B) Waiting for the video C) Doing neither, especially if one's budget is tight. D) It depends on the chooser's own evaluations of costs and benefits.
In the supply-and-demand diagram of the market for peanut butter, the equilibrium point has moved down and to the right. What could have caused this?
A) a fall in the price of peanuts B) a rise in the price of peanuts C) a rise in income, assuming that peanut butter is an inferior good D) a shift in preferences toward peanut butter
Carla spends all her income on two goods: apples and bananas. The price of an apple is $2 and the price of a banana is $1 . If Carla's marginal utility of an apple is 4 and her marginal utility of a banana is 3, she should consume
a. more apples and fewer bananas to maximize total utility b. more bananas and fewer apples to maximize total utility c. more apples and more bananas to maximize total utility d. fewer apples and fewer bananas to maximize total utility e. exactly what she is consuming because she always makes the most rational choice each time she spends a dollar.
Each week, the Bureau of Labor Statistics computes and reports the consumer price index
a. True b. False Indicate whether the statement is true or false