What was the approximate value of U.S. GDP in 2015?
A. $12.3 billion
B. $12.3 trillion
C. $17.9 trillion
D. $17.9 billion
Answer: C
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A country will be able to consume a combination of goods that is not attainable solely from domestic production if
A) the world terms of trade differ from its domestic relative costs. B) the country specializes in one product. C) the country avoids international trade. D) the world terms of trade equal the domestic relative costs. E) the country's domestic production value equals world relative value.
Suppose a person calculates his permanent income by adaptive expectations. Last year's permanent income was 54,000, this year's actual income is 44,000, j = 0.20, and k = 0.82. What is his consumption expenditure this year?
A) 34,840 B) 43,472 C) 36,784 D) 42,640 E) 37,720
The classic example used to discuss the problem of adverse selection is:
A. fruit and produce markets, such as lemons. B. workers who shirk when their effort isn’t closely monitored. C. the imbalance of information that exists between a buyer and seller of a used car. D. drivers with insurance who tend to drive more recklessly.
Unpriced by-products of production or consumption that impose costs on other consumers or firms are known as
a. negative externalities b. effluent fees c. pollution rights d. positive externalities e. moral hazards