In the U.S., time use data is collected on a national level by the:
a. Consumer Product Safety Commission
b. Federal Reserve Board
c. Dept. of Health and Human Services
d. Bureau of Labor Statistics (BLS)
D
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The expression "There's no such thing as a free lunch" means
a. in an exchange, if one person gains, someone else must lose. b. each person must pay for exactly what he or she receives. c. the use of resources to meet one need means that those resources can no longer be used to meet another need. d. in an exchange, if one person gains, someone else must lose and equal amount.
At equilibrium expenditure...
a) consumers' expenditures on goods and services equal firms' purchases of investment goods b) firms hold no inventories of raw materials or final goods c) aggregate planned expenditure equals real GDP d) aggregate planned expenditure equals real GDP minus net exports
Carlos and Darla are playing the dictator game. Carlos is assigned the role of dictator and given $20 to split between the two of them. Based on previous experiments with this game by behavioral economists, which is the least likely outcome?
A. Carlos will keep all of the money for himself. B. Carlos will give all of the money to Darla. C. Carlos will split the money evenly with Darla. D. Carlos will split the money, keeping a little more than half for himself.
If the cross price elasticity of demand between two commodities is positive, then these commodities are
A. are complements. B. are substitutes. C. are inferior. D. are superior.