Which of the following is a final good or service?
A. A haircut purchased by a father for his 12 year-old son.
B. Fertilizer purchased by a farm supplier.
C. Diesel fuel bought for a delivery truck.
D. Chevrolet windows purchased by a General Motors assembly plant.
Answer: A
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What do clean air in New York City and elephants in Africa have in common?
a. They are both common resources. b. They are both public goods. c. They are both club goods. d. Both are excludable.
Which piece of evidence is consistent with zero crowding out?
A) Government purchases rise and Real GDP does not change. B) Government purchases rise and investment spending declines. C) Government purchases rise and net exports decline. D) Government purchases rise and consumption declines. E) none of the above
Who among the following would be counted as "unemployed"?
a. Shasta, who is waiting to be recalled to a job from which she has been laid off. b. Karen, who neither has a job nor is looking for one. c. Mary, who worked only 35 hours last week. d. None of the above is correct.
Economists use the term "marginal" to describe costs and benefits:
a. that are poorly defined. b. that are incremental and thus relevant to decision making. c. that are minimal and hardly worth noting. d. that are noteworthy but not the most important. e. whose importance can be minimized through hard work.