When looking at economic growth in a country, the distribution of output and income
A. is skewed toward the lowest quintile of the population.
B. generally follows predictable patterns.
C. is not taken into consideration.
D. is shared equally.
Answer: C
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There is a movement along the demand for money curve if
A) the nominal interest rate rises. B) there is an economic expansion so that real GDP increases. C) banking customers use ATM machines more. D) the price level increases.
According to the Economic Freedom of the World measure, the United States was
a. the freest economy in the world during 1980-2000. b. the third freest economy in the world, behind only Hong Kong and Singapore during 1980-2000. c. less free than Australia and Canada throughout the 1980-2000 era. d. less free than the large economies of Western Europe throughout the 1980-2000 era.
The negative relationship between the quantity demanded of a commodity and its price can be explained by the principle of
A) increasing total utility. B) contingent valuation. C) indifference analysis. D) diminishing marginal utility.
If Paul decides to buy a $60 ticket to a Cirque du Soleil show rather than a $45 ticket for a Blue Man Group performance, we can conclude that
A) the marginal utility per dollar spent on Cirque du Soleil is lower than the marginal utility per dollar spent on Blue Man Group. B) Paul's demand for a ticket to see Cirque du Soleil is more elastic than his demand for a ticket to see Blue Man Group. C) Paul is not making a rational choice. D) the marginal utility per dollar spent on Cirque du Soleil is higher than the marginal utility per dollar spent on Blue Man Group.