A good that would be counted as consumption in GDP would be the:
A. Subway sandwich Tony ate for lunch.
B. $10 Tony received after winning a bet with his friend.
C. $50 in wages Tony received that day from working all afternoon.
D. common stock Tony purchased for his 401(k).
A. Subway sandwich Tony ate for lunch.
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Explain why total utility is maximized when the marginal utility per dollar on all goods is equal
What will be an ideal response?
The key idea of the aggregate expenditure model is that in any particular year, the level of GDP is determined mainly by
A) export spending. B) the level of aggregate expenditure. C) government spending. D) investment spending.
A series of ascending indifference curves is called
a. a demand curve b. a budget constraint c. an indifference map d. marginal-utility-to-price ratio curves e. consumer surplus
Suppose that the quantity of chain saws sold increased from 200 to 400 when the price fell from $225 to $175 . Over this price range, the absolute value of the price elasticity of demand for chain saws is
a. 0.25. b. 0.375. c. 1.0. d. 2.67. e. 4.0.