Real gross national product is
a. the same as national income if there were no depreciation and taxes.
b. always less than national income.
c. always greater than real gross domestic product.
d. always less than nominal gross national product.
A
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Projection bias:
A. is the tendency to evaluate present consequences based upon tastes and needs of the future. B. is the tendency to evaluate future consequences based on tastes and needs at the moment of the decision making. C. is the tendency to project future states of mind to the present. D. can lead people to overestimate their adaptability.
One reason there is political opposition to international trade is that:
A. the potential gains from specialization and trade are small. B. the differences in opportunity costs between countries are small. C. not everyone benefits from trade. D. trade does not increase the total value of goods and services produced by a nation.
The figure above shows the market for annual influenza immunizations the United States. With no government intervention, the market equilibrium is at a price of ________ and ________ million immunizations per year
A) $60; 14 B) $40; 14 C) $30; 14 D) $40; 22 E) None of the above answers is correct.
People with fixed incomes fare best in an inflationary period
a. True b. False Indicate whether the statement is true or false