Economic games can be used to analyze decisions around which of the following situations?
A. Environmental protection
B. War
C. Business
D. All of these situations.
Answer: D
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Home Depot sells new and used doors to contractors who build new homes. Home Depot also sells new and used doors to homeowners. Which of the following would be counted in GDP?
A) the sale of a new door to TapKon construction for installation into a new home B) the sale of a used door to a homeowner C) the sale of a new door to homeowner D) the sale of a used door to TapKon construction for installation into a new home
The ability to produce a good or service at a lower opportunity cost than other producers incur is known as
a. absolute advantage. b. comparative advantage. c. comparative specialization. d. absolute specialization.
In an open economy with few capital restrictions and substantial import-export trade, a rise in interest rates and a decline in the producer price index of inflation will
a. raise the value of the currency b. lower the nominal interest rate c. increase the volume of trading in the foreign exchange market d. lower the trade-weighted exchange rate e. increase consumer inflation.
The unemployment rate will decrease whenever there is a(n):
a. increase in the number of persons classified as unemployed. b. decrease in the number of unemployed relative to the size of the labor force. c. decrease in the size of the population and there is no change in the number of persons classified as employed. d. reduction in the size of the labor force. e. decrease in the number of unemployed and the population does not change.