The expenditure approach values ________ and the income approach values ________
A) goods and services at market prices; goods and services at factor prices
B) services only at factor prices; goods only at market prices
C) only goods at market prices; only services at factor prices
D) goods and services at market prices; services at factor prices
E) goods and services at factor prices; goods and services at market prices
A
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The budget line and the indifference curve are geometric devices used to provide a closer look at consumer choice.
Answer the following statement true (T) or false (F)
Refer to Table 6-6. Based on the data in the table, between a price of $9.99 and $14.99, the price elasticity of demand for books is
A) -14.8. B) -1.35. C) -0.74. D) -1.16.
Which of the following statements is equivalent to the law of diminishing marginal returns?
a. A stitch in time saves nine. b. You can't make an omelet without breaking eggs. c. Too many cooks spoil the broth. d. If you can't stand the heat, get out of the kitchen.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
With the open trade economy, Silvia and Art can consume any combination of beef and computers from the line
A. XY. B. PQ. C. PY. D. XYZ.