While GDP includes spending on recreation and travel, it does not cover ____________, which is also part of the standard of living.
a. leisure time
b. overtime
c. sick time
d. play time
a. leisure time
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The marginal rate of substitution is ________, the ________ is the ________
A) greater; flatter; indifference curve B) greater; steeper; budget line C) smaller; steeper; indifference curve D) smaller; flatter; indifference curve
The lemons problem is associated with ________ and results in a market for items with only ________ characteristics.
A) adverse selection; desirable B) moral hazard; undesirable C) adverse selection; undesirable D) moral hazard; desirable
If a firm facing a perfectly elastic demand curve raises its price,
a. it will still sell exactly the same amount of output as it did at the lower price b. it will lose some, but not all, of its sales c. its sales will decrease to zero d. its sales will increase e. it is impossible to predict what will happen to its sales
A consumer's demand for a product decreases because other consumers own it. This would reflect: a. A bandwagon effect
b. a positive network externality. c. A snob effect. d. none of the above