GDP measures
A. the changes in the unemployment rate in a given year.
B. the amount of underground activity in a nation.
C. the nation's economic activity.
D. the nation's economic welfare.
Answer: C
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Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $54, the quantity of satellites provided by a competitive market is
A) 0. B) 1. C) 2. D) 3.
Why do free trade proponents applaud successful trade deflection?
A) It circumvents trade restrictions within regional trade blocs. B) It increases trade restrictions within regional trade blocs. C) It promotes more rules of origin laws. D) It decreases incentives for trade diversion.
What is the relevance of the marginal productivity principle in explaining the use of inputs in production?
What will be an ideal response?
Which of the following statements is true?
A) In general, if a product has few substitutes it will have an elastic demand.
B) The more time that passes the more inelastic the demand for a product becomes.
C) The demand curve for a necessity is more elastic than the demand curve for a luxury.
D) The more narrowly we define a market, the more elastic the demand for a product will be.