One benefit of U.S. society that helped foster entrepreneurship was free public high school education
a. True
b. False
Indicate whether the statement is true or false
True
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The above table gives Sue's marginal utility schedules for sub sandwiches and Mountain Dew, the only products Sue consumes. Suppose initially the price of a sub sandwich is $4 each and the price of a Mountain Dew is $2 each. Sue's income is $12
If the price of subs rises to $6 each, Sue will consume A) more Mountain Dews. B) fewer subs. C) fewer Mountain Dews so that she can still afford to buy two subs. D) Both answers A and B are correct.
If the government purchases multiplier equals 2, and real GDP is $14 trillion with potential real GDP $14.5 trillion, then government purchases would need to increase by ________ to restore the economy to potential real GDP
A) $7.25 trillion B) $1 trillion C) $500 billion D) $250 billion
A market is said to achieve allocative efficiency when producer surplus is at its maximum level
a. True b. False Indicate whether the statement is true or false
The Department of Commerce sums the payments made to resources to arrive at GDP in the form of compensation of employees, rents, profits, net interest, indirect taxes, and depreciation. This method of deriving GDP is called the:
A. opportunity cost approach. B. income approach. C. expenditure approach. D. monetarist approach.