If consumption is $7000, exports are $600, government purchases are $2000, government transfers are $900, imports are $800, and investment is $1000, then GDP is $9,800
a. True
b. False
Indicate whether the statement is true or false
True
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The consumer's work-leisure choice problem focuses on how a consumer's work-leisure decision is affected by the consumer's
A) preferences and productivity. B) productivity and psychology. C) psychology and preferences. D) preferences and constraints.
Which of these social sciences deals most with models of behavior rather than with thought processes?
A) psychology B) sociology C) psychiatry D) economics
Producer surplus is always the total area below the price and above the supply curve
a. True b. False Indicate whether the statement is true or false
A tax that creates an excess burden may nevertheless improve efficiency if
a. consumption of the good has been generating beneficial externalities. b. consumption of the good has been generating no externalities. c. consumption of the good has been generating detrimental externalities. d. the good has been supplied by a monopolist.