The most desired goods or services that are given up when a choice is made are called the
A. Rationing device.
B. Utility cost.
C. Economic profit.
D. Opportunity cost.
Answer: D
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Real GDP can increase if the
i. quantities of goods and services produced decrease and prices fall by a smaller percentage. ii. quantities of goods and services produced decrease and prices fall by a larger percentage. iii. quantities of goods and services produced decrease and prices do not change. iv. quantities of goods and services produced increase. A) i and iii B) iii only C) i only D) iv only E) i, ii, and iii
Suppose a tax equal to the value of the marginal external cost at the optimal output is imposed on a pollution generating good. All of the following will result from the tax except
A) an increase in demand for the good. B) a decrease in the equilibrium quantity produced and consumed. C) an increase in the equilibrium market price. D) a decrease in market supply of the good.
Even though credit cards are used by many people in making purchases, they are not included in the M1. A major reason is that
A. credit cards are a way of going into debt, whereas the components of M1 represent assets. B. credit cards had not yet been invented when money was defined. C. some credit cards are issued by stores (such as Sears), whereas all money is issued by banks. D. credit cards are much less liquid than M1.
Demand applies to which of the following?
A. labor market B. fast food C. education D. all of these