Which of the following most closely relates to the idea of opportunity costs?
A. trade-offs.
B. economic growth.
C. technological change.
D. capitalism.
Answer: A
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If the economy experiences an inflationary gap, a contractionary monetary policy will
A) increase real GDP and increase the price level. B) increase real GDP and decrease the price level. C) decrease real GDP and increase the price level. D) decrease real GDP and decrease the price level.
Which of the following would NOT be included as final product when computing GDP for the United States?
a. An imported Zenith television, purchased by an American consumer in New York, produced in a U.S.-owned plant in Singapore using parts produced in Singapore. b. A Honda lawn mower produced in a Japanese-owned plant in North Carolina using parts also produced in the United States. c. A Boeing 757 airplane produced in the United States and purchased the same year by Japan Airlines for use in Japan. d. An electric smelting furnace produced in a U.S. factory and purchased in the same year by the Billings Steel Company in Alabama for use in the production of steel.
Many college football teams require a "donation" in order to purchase season tickets. This is
A) price gouging. B) a tie-in sale. C) two-part pricing. D) anti-competitive behavior.
A tax on sellers:
A. shifts the demand curve left by the amount of the tax. B. shifts the demand curve down by the amount of the tax. C. shifts the supply curve up by the amount of the tax. D. shifts the supply curve left by the amount of the tax.