Which of the following transactions would be included in Gross Domestic Product (GDP)?
A. the purchase of a used car
B. the purchase of a used textbook from a friend
C. the purchase of 100 shares of Microsoft stock
D. the purchase of new tires by a family to replace worn out tires on the family car
Answer: D
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Refer to the above data. If the consumer's money income were cut from $52 to $28, she would maximize her satisfaction by purchasing:
A) 3 units of J and 3 units of K. B) 1 unit of J and 3 units of K. C) 4 units of J and 1 unit of K. D) 2 units of J and 3 units of K.
Which is a correct statement?
a. Cyclical unemployment is also called wait unemployment because this unemployment depends on the timing of the business cycle b. Structural unemployment is unemployment resulting from changes in the structure of consumer demand or technology c. Search unemployment is the broadest unemployment category because it covers all other types of unemployment d. Frictional unemployment is the result of frictions between labor and management over how best to perform work
(Exhibit: IS-LM Monetary Policy) Based on the graph, starting from equilibrium at interest rate r1 and income Y1, a decrease in the money supply would generate the new equilibrium combination of interest rate and income:
What will be an ideal response?
Recall the Application about the economics professor who caught three students cheating on their final exam to answer the following question(s).Recall the Application. After being caught cheating, the economics professor called each student into his office individually. One student remarked "This feels like you put me in a prisoners' dilemma game." If this cheating episode resulted in the same way as the prisoners' dilemma, then:
A. none of the students would confess to cheating. B. only one student would confess to cheating. C. two of the students would confess to cheating. D. all three students would confess to cheating.