Related to the Economics in Practice on p. 10: Prior to joining the glee club, Anjelica spent most of her free time studying in the library. Once she joined the glee club, Anjelica spent her free time hanging out in karaoke bars with other glee club members. This change in behavior is best described by
A. the ceteris paribus error.
B. the post hoc ergo prompter hoc fallacy.
C. the problem of peer effects.
D. the fallacy of logic.
Answer: C
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Refer to Table 2-1. Dina faces ________ opportunity costs in the production of sliders and hot wings
A) decreasing B) increasing C) constant D) negative
Exemptions are more desirable than deductions for a person in the 36% tax bracket.
A. True B. False C. Uncertain
You see on the news that a recession has started in Saudi Arabia. Which of the following would happen in the market for Saudi riyals?
a. A decrease in the supply of riyals and an appreciation of the riyal. b. An increase in the supply of riyals and a depreciation of the riyal. c. A decrease in the supply of riyals and a depreciation of the riyal. d. An increase in the supply of riyals and an appreciation of the riyal. e. Cannot be determined without additional information.
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to real GDP in 2016 was ________ and to nominal GDP in 2016 was ________.
A. $80,000; $90,000 B. $80,000; $99,000 C. $80,000; $88,000 D. $90,000; $99,000