Which of the following would be included in this year's gross domestic product (GDP)?
a. One hundred shares of IBM stock that Tony sold this May
b. A used car that Tracey sold to Justin
c. George's purchase of a fishing rod and reel at a garage sale
d. Sharon giving Dennis $20 as a reward for finding her ring
e. A bucket of Kentucky Fried Chicken that Kate bought this July
e
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Game theory can be used for studying which of the following types of market structure?
A) monopoly B) monopolistic competition C) oligopoly D) perfect competition
The demand function for tickets to Ireland is expressed as
Qd = 1600 - 0.005P + 2 PEngland + 3rain + 2Y, where P is the price for tickets to Ireland, PEngland is the price of tickets to England, rain is the inches of rain Ireland receives annually, and Y is annual household income. Assuming PEngland is $1000, rain is 30 inches per year, and income is 40,000, how much would the price of tickets to Ireland have to fall for consumers to be willing to buy one more trip per year? A) $15 B) $20 C) $50 D) $200
If a nation can produce greater quantities of a good than another nation, it has a(n)
A. comparative advantage. B. absolute advantage. C. declarative advantage. D. entire advantage.
A technological advance would best be represented by
A. A movement from inside the production possibilities curve to a point on the production possibilities curve. B. A movement from the production possibilities curve to a point inside the production possibilities curve. C. A shift inward of the production possibilities curve. D. A shift outward of the production possibilities curve.