A professional gambler moves from a state where gambling is illegal to a state where gambling is legal. Most of his income was, and continues to be, from gambling. His move
a. necessarily raises GDP.
b. necessarily decreases GDP.
c. doesn't change GDP because gambling is never included in GDP.
d. doesn't change GDP because in either case his income is included.
A
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Shaniq consumes only magazine and CDs. Her income equals $60 per month. CDs are $12 each and magazines are $5 each. What is the equation for her budget line?
A) $60 = Qm + QCD B) $60 = $12Qm + $5QCD C) 12 = -2Qm + 6 D) $60 = 12QCD + 5Qm
The figure above shows Sam's budget line. The magnitude of the slope of Sam's budget line is equal to the
A) quantity of coffee purchased divided by the quantity of gasoline purchased. B) price of coffee divided by the price of gasoline. C) quantity of gasoline purchased divided by the quantity of coffee purchased. D) price of gasoline divided by the price of coffee.
The vertical distance between the average variable cost curve and the average total cost curve equals average fixed cost
Indicate whether the statement is true or false
Macroeconomics studies the determination of
a. total output, total employment, the general price level, and the general level of interest rates b. total output and the general level of interest rates only c. total employment and the general level of prices only d. the interaction of individual economic actors in specific markets and industries e. the levels of employment and prices in specific markets and industries