When Jamie purchases a classic 1968 Plymouth Cuda convertible from Shane, GDP
A) does not change, because the car was not produced this year.
B) increases, because the car is a durable good and increases consumption.
C) increases, because the car is a durable good and increases investment.
D) does not change, because Jamie did not buy the car from a dealershi
A
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A firm sells 20 units of a good at a price of $5 per unit. If the average cost of production of the good equals $3 per unit, the firm's revenue is:
A) $40. B) $60. C) $100. D) $120.
During the Great Depression in the 1930s, the average tariff level in the United States peaked at about
A) zero. B) 6 percent. C) 20 percent. D) 100 percent.
One result of the public choice model is that most economists believe that
A) policymakers may have incentives to intervene in the economy in ways that do not promote economic efficiency. B) the voting paradox will prevent voters from selecting the best person for public office. C) when market failure occurs, government intervention will always lead to a more efficient outcome. D) government intervention will always result in a reduction in economic efficiency in regulated markets.
_____________ rhythms are the daily rhythmic activity cycles, based on 24-hour intervals, that humans experience
a. Circadian b. Cybernetic c. Dynamic d. Calibrated