According to the economy in Figure 5.3, net exports
A. Increased the size of GDP from 1970 to 1990.
B. Made a positive contribution to GDP from 1990 to 2000.
C. Were a positive number from 1970 to 1990.
D. Remained constant from 1990 to 2000.
Answer: B
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If this is a closed economy, the number of TVs exchanged will be ________. 
A. 60,000 B. 120,000 C. 30,000 D. 90,000
Bob, the owner of a local deli in town, needs to purchase something that economists would label as "capital" to help him produce sandwiches. Which of the following is an example of capital?
A natural monopoly arises when:
A. economies of scale are so great that only one firm can exist in a market. B. a firm acquires a patent. C. two firms merge to become the only firm serving an entire market. D. a single firm controls all of a natural resource.
In a survey of consumers, Daniel Kahneman, Jack Knetsch and Richard Thaler asked their opinion of a hardware store's decision to
A) go out of business because a larger hardware store opened in the same city; 82 percent of those surveyed believed it was unfair for the larger store to compete with the smaller store. B) raise the price of snow shovels the day following a snowstorm; 82 percent of those surveyed believed this was unfair. C) sell tickets to sporting and cultural events at prices higher than prices paid at the ticket windows for the same events; 82 percent of those surveyed believed this was unfair. D) remain in business even though the store was not making an economic profit; 82 percent of those surveyed believed it would be unfair for the store to go out of business if there were no other hardware stores in the same area.