Grapes are considered intermediate goods
a. whether the purchaser uses them to make wine to sell or eats them.
b. if the purchaser uses them to make wine to sell others but not if the purchaser eats them.
c. if the purchaser eats them, but not if the purchaser uses to them to make wine to sell.
d. None of the above is correct.
b
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If real GDP is greater than nominal GDP for a particular year, then
A) production must have fallen between the current year and the base year. B) production must have increased between the current year and the base year. C) prices must have fallen between the current year and the base year. D) prices must have risen between the current year and the base year. E) prices must have fallen between the current year and the immediate past year.
An invention that speeds up the Internet is an example of
A) an income effect. B) an increase in labor. C) a substitution effect. D) a supply shock.
A certain magazine offers its subscribers the opportunity to "Buy Now and Save." If at the time their subscription renewal is due they agree to pay for 2 years rather than 1, the renewal price will be $50 per year rather than the usual $60 per y
At what interest rate will the consumer, who is certain she will subscribe to the magazine for the next 2 years, decide to "Buy Now and Save"? A) any interest rate under 50 percent B) any interest rate over 1.5 percent C) any interest rate over 150 percent D) any interest rate under 5 percent E) She will always take this offer if she is absolutely certain to buy the magazine for another 2 years.
Why do many prospective voters choose to watch sports on television rather than watching the news or political roundtables? In your answer, be sure to mention the role played by rational ignorance