If you win the lottery this would be great for you, but if everyone simultaneously won the lottery this wouldn't be nearly as good, why?
a. association is not causation
b. it is a violation of ceteris paribus
c. the fallacy of composition
d. what appear to be positive outcomes in society are actually normative.
C
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Rank-order the following three gifts in terms of potentially providing the highest utility to the lowest: 1 ) A new video game; 2 ) A gift card to a video game store; 3 ) Cash
A) 1, 2, 3 B) 2, 3, 1 C) 3, 2, 1 D) 1, 3, 2
James owns two houses. He rents one house to the Johnson family for $10,000 per year. He lives in the other house. If he were to rent the house in which he lives, he could earn $12,000 per year in rent. How much do the housing services provided by the two houses contribute to GDP?
a. $0 b. $10,000 c. $12,000 d. $22,000
A stoppage on an automobile production line caused by a late delivery can cost up to __________________.
a. $1,000-$10,000 per minute b. $10,000-$20,000 per minute c. $10,000-$20,000 per minute d. $10,000-$50,000 per minute e. $10,000-$100,000 per minute
At one time, many economists believed that
A. the government could determine the slope of the Phillips curve. B. the government could make the Phillips curve horizontal. C. the government could decide at which point on the Phillips curve the economy should be. D. the government could determine what the Phillips curve should be.