Which element of total planned expenditure is NOT included in "autonomous planned spending"?
A) cY
B) -cT
C) NX
D) Ip
E) a
A
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Refer to Figure 4-4. At a price of $18 consumers are willing to buy 40 pounds of tiger shrimp. Is this an economically efficient quantity?
A) Yes, because $18 shows what consumers are willing to pay for the product. B) No, the marginal benefit of the 40th unit exceeds the marginal cost of that 40th unit. C) Yes, otherwise consumers would not buy 40 units. D) No, the marginal cost of the 40th unit exceeds the marginal benefit of the 40th unit.
Economists believe that countries recently suffering hyperinflation have experienced
A) reduced growth. B) increased growth. C) reduced prices. D) lower interest rates.
Suppose Whitney is willing to pay $200 to buy a new phone. Loss aversion implies that if Whitney already had just bought the phone, you would:
A. have to pay her exactly $200 to part with it. B. not be able to get her to part with it for any amount of money. C. have to pay her less than $200 to part with it. D. have to pay her more than $200 to part with it.
Increases in the marginal product of labor result from
A) the use of new technology. B) hiring more efficient workers. C) the division of labor and specialization. D) increasing the usage of all inputs.