In the post-World War II period, considerable growth in total production took place in the United States
But at the same time, businesses were dumping their waste into the Great Lakes with minimal cost to themselves, significantly polluting the bodies of water as a result. This occurrence is an example where A) real GDP gives an overly positive view of economic welfare.
B) real GDP gives an overly negative view of economic welfare.
C) investment would have been a better measure of total production.
D) the pollution counts as a final good.
A
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In a coin toss bet, where both heads and tails are equally likely, you win a $3 on heads but lose $1 on tails. The expected value of the bet is
a. $0.50 b. -$0.50 c. $1.00 d. $0.00
If by purchasing a little more milk and a little less ice cream you could increase your total utility,
a. the MU of milk must be greater than that of ice cream b. the MU of ice cream must be greater than that of milk c. the MU/P of milk must be greater than that of ice cream d. milk must be cheaper than ice cream e. the MU of milk will increase
The ratio of a change in consumption to a change in income is the
a. consumption ratio b. propensities to consume and to income c. average propensity to consume d. average propensity to consume and to save e. marginal propensity to consume
Tie-in sales:
A. are legal under the Clayton Act. B. are the same as predatory pricing. C. were banned under the Hart-Scott-Rodino Act. D. are contracts that prevent purchasing one good without purchasing another.