Gross domestic product minus
a. net domestic product equals national income
b. depreciation equals net domestic product
c. indirect business taxes equals national income
d. gross domestic product equals personal income
e. net domestic product equals gross domestic product
B
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A negative externality
A) occurs under any undesirable event. B) occurs when an action doesn't take into account the costs it imposes on others. C) can be a natural phenomenon, such as being struck dead by a bolt of lightening. D) cannot occur at the same time as a positive externality.
In the context of consumer choice theory, utility means:
a. usefulness. b. satisfaction. c. practicality. d. boring. e. action.
Which of the following items is counted as part of government purchases?
a. The federal government pays $2,000 in Social Security benefits to a retired person. b. The city of Athens, Ohio pays $10,000 to a tree-trimming firm to trim trees along city boulevards. c. The state of Nebraska pays $1,000 to help a low-income family pay its medical bills. d. All of the above are correct.
In a competitive market where the elasticity of the market demand curve is -2, the elasticity of the supply curve is 1, and an individual firm faces a residual demand curve with an elasticity of -98. What is the number of firms in this market?
A) 10 B) 20 C) 33 D) Cannot be determined.