When a new Walmart locates in an area, other retail stores and restaurants often locate nearby, exhibiting what economists call Walmart's ________ factor.
A. exponential
B. "pull"
C. "push"
D. catalogue sales
Answer: B
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Year 2 nominal GDP is
A) $200. B) $270. C) $310. D) $390.
Elinor Ostrom won the 2009 Nobel Prize in economics for her research showing:
A. social norms can sometimes be powerful enough for commonly held property to be managed extremely well. B. social norms are not an effective solution for the management of commonly held property. C. that privatization of public goods is the most effective solution to market failure associated with commonly held property. D. government provision of public goods is the most efficient solution to the tragedy of the commons problem.
Which of the following statements is accurate?
a. When unplanned inventory changes are positive, GDP is below its equilibrium value b. When unplanned inventory changes are negative, GDP is above its equilibrium value c. When unplanned inventory changes are positive, GDP is at its equilibrium value d. When unplanned inventory changes are negative, GDP is below its equilibrium value e. None of the above
A college professor hires a student to babysit her children and pays the student an efficiency-wage. Which of the following is correct about the wage the student earns?
a. The wage is higher than the wage the student could earn working a similar job elsewhere. b. The wage is the same as the wage the student could earn working a similar job elsewhere. c. The wage is lower than the wage the student could earn working a similar job elsewhere. d. The wage is likely to result in the student shirking responsibilities.