The level of real GDP is a good measure of economic prosperity, and the growth of real GDP is a good measure of __________
Fill in the blank(s) with correct word
economic progress
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Suppose that nuclear power plants are banned. What are examples of the opportunity costs of this decision?
What will be an ideal response?
Public goods tend to be undersupplied through the market since it is difficult for potential suppliers to withhold such goods from nonpaying consumers; the government can use taxes to overcome this problem of nonpayment
a. True b. False Indicate whether the statement is true or false
Credit cards such as Visa and Mastercard are
a. money because they serve as a medium of exchange: it's much like "if it looks like a duck, walks like a duck, and quacks like a duck . . . it's a duck!" b. money because they are issued by financial institutions, such as banks, and are accepted almost everywhere in place of currency c. accepted by merchants as if they were money, and therefore they are money d. as liquid as currency, and therefore they are money e. convenient but not money because what you are really using when you use a card is your checking account which is the money
The amount of income left after an individual pays taxes to the government is called disposable income
a. True b. False Indicate whether the statement is true or false