In recent years, people have benefited from greater amounts of leisure time. This trend
a. has caused GDP to rise.
b. has caused GDP to fall.
c. made GDP fluctuate randomly
d. is not accounted for in GDP.
D
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If a factor of production with a fixed supply is earning $100 in its current use and its next best use would yield earnings of $80, the factor is earning a pure economic rent equal to
A) $0. B) $20. C) $80. D) $180.
If a monopolized industry should become purely competitive without any change in cost conditions:
A. both price and quantity produced will decrease. B. both price and quantity produced will increase. C. price will increase and quantity produced will decrease. D. price will decrease and quantity produced will increase.
Buying a used textbook from a fellow student is an example of what type of market?
A. Global B. Local C. Labor D. National
In making your decision whether to take a trip during spring break, you compare all the other activities you could undertake. As a result, you
A) are not making a rational choice. B) must have made a choice in the social interest. C) limit the cost and the benefits you can gain. D) are making a choice on the margin. E) do not face an opportunity cost.