Transfer payments are included in:
A. NI.
B. PI.
C. GDP.
D. NDP.
B. PI.
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The value of the micro-processor used in the production of a cell phone is included in the calculation of GDP
a. True b. False Indicate whether the statement is true or false
Which of the following is not one of the four principles of individual decision making?
a. People face trade-offs. b. Trade can make everyone better off. c. People respond to incentives. d. Rational people think at the margin.
A consumer chooses an optimal consumption point where the
a. marginal rate of substitution equals the relative price ratio. b. slope of the indifference curve equals the slope of the budget constraint. c. ratio of the marginal utilities equals the ratio of the prices. d. All of the above are correct.
A weak U.S. dollar leads to a higher volume of U.S. imports
Indicate whether the statement is true or false