Among competing issues, the most important concern of economics is with the:
A. efficient use of limited productive resources to satisfy economic wants.
B. degree of competition in stock and bond markets in the economy.
C. issue of equality in the distribution of income and wealth among households.
D. budget deficits in the domestic economy and trade deficits in the international economy.
Answer: A
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A benefit that accrues without compensation to someone other than the person who caused it is called:
A. an external benefit. B. a network benefit. C. a social benefit. D. a private benefit.
There is news that the price of Tucker's Root Beer will increase significantly next week. If the demand for Tucker's Root Beer reacts only to this factor and shifts to the right, the position of this demand curve has reacted to a change in:
a. tastes. b. income levels. c. the price of other goods. d. the number of buyers. e. expectations.
If two individuals have identical schooling, their incomes will be equal.
Answer the following statement true (T) or false (F)
The difference between gross domestic product (GDP) and gross national product (GNP) is that GDP:
A. excludes exports and imports while GNP does not. B. includes exports and imports while GNP does not. C. measures the economic activity of all the people and businesses of a country, while GNP measures the economic activity that occurs within a country. D. measures the economic activity that occurs within a country while GNP measures the economic activity of all the people and businesses of a country.