Answer the following questions true (T) or false (F)
1. The decisions General Motors makes in determining production levels for its Chevy Volt is an example of a microeconomic topic.
2. Individuals can use economic principles to improve their decision-making process.
3. A primary role of economists is to not only describe how choices are made and analyze the results of those choices, but also to advise on how better decisions can be made.
1. TRUE
2. TRUE
3. TRUE
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A new technology is discovered that results in all new cars producing 50 percent less pollution. The technology costs nothing to produce and cars do not change in price
As a result of the technology, there is a reduction in the number of visits people make to the doctor to complain of breathing difficulties. Which of the following is true? A) Real GDP decreases as a result of fewer doctor services being provided. B) Real GDP is not affected. C) Nominal GDP increases to reflect the improvement in the health of the population. D) Real GDP decreases to reflect the decrease in pollution. E) Nominal GDP does not change and real GDP increases.
Which of the following groupings correctly represents the Four Tigers (or Four Dragons)?
A) Thailand, China, Japan, and Malaysia B) Hong Kong, Singapore, South Korea, and Taiwan C) Japan, Hong Kong, Thailand, and Malaysia D) South Korea, China, the Philippines, and Japan E) Singapore, Malaysia, Indonesia, and India
The marginal productivity principle says that a profit-maximizing firm should
a. hire capital until its marginal product is zero. b. hire labor until another worker costs more to hire than she can earn for the firm. c. hire the quantities of capital and of labor at which their marginal products are equal. d. hire capital until its marginal product is negative.
The higher the riskiness associated with a particular job, the more the pay offered to a worker
a. True b. False Indicate whether the statement is true or false