Economics studies the logic of choices made from among available possibilities.
Answer the following statement true (T) or false (F)
True
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The Real GDP of a country is
a. the total income earned by a nation's permanent residents in a given time period divided by the GDP deflator. b. the market value of all final goods and services produced within a country in a given time period, using prices from a "base" year to calculate the market value. c. the market value of all final goods and services produced within a country in a given time period, using prices from the current year to calculate the market value. d. the market value of all final goods and services produced within a country minus losses from depreciation in a given time period. e. none of the above.
Suppose the market consists of 3 individuals: Citizen A, Citizen B and Citizen C. 
If the good shown on the graphs is a public good, and the marginal cost of providing each unit is constant and equal to $5, then what is the optimal quantity of the public good?
A. 50 units B. 30 units C. 20 units D. 40 units
Answer the following statements true (T) or false (F)
1. In a market economy, resources are allocated by the government. 2. In a market system, the government enforces laws ensuring that private enterprises and conditions of competition will prevail. 3. The most common type of business in the United States is the corporation. 4. The vast majority of U.S. businesses have more than 500 employees each.
If the stock market falls by 25 percent next year and remains down, what is most likely to happen to the consumption function?
a. It will shift upward. b. It will shift downward. c. It will not shift, but people will move downward along the consumption function. d. It will not shift, but people will move upward along the consumption function.