For an economy with only two goods, skate boards can be added to bicycles to compute the GDP by
A. Dividing dollar values of output by price and adding the result.
B. Dividing output by price and adding the resulting dollar values.
C. Multiplying output by price and adding the resulting dollar values.
D. Multiplying dollar values of output by price and adding the result.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. Footballs and football helmets are considered to be complements. 2. Other things held equal, rising income usually leads to a leftward shift of the demand curve. 3. The vital statistics of the potential consumer population include size, race, income, and age characteristics. 4. Higher prices for a good or service provide incentives for producers to make or sell less of it.
Which of the following will cause Ordinary Least Square (OLS) estimates of a simple regression model, y = 
+
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A. Every individual in the population has the same probability of being observed in the sample.
B. The observed values of span a wide range.
C. The constant,
is greater than the coefficient, 
.
D. The constant, is greater than the coefficient, x .
Refer to the table above. Which of the following is true?
A) Country X has a comparative advantage in the production of rice. B) Country X has a comparative advantage in the production of wheat. C) Country Y has an absolute advantage only in the production of wheat. D) Country Y has an absolute advantage only in the production of rice.
Refer to Table 2-9. What is Serena's opportunity cost of making a bracelet?
A) 2 necklaces B) 3/4 of a bracelet C) 1/2 of a necklace D) 1/2 of a bracelet