Gasoline is considered a final good if it is sold by a
a. gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles.
b. pipeline operator to a gasoline station in San Francisco.
c. gasoline station to a motorist in Los Angeles.
d. All of the above are correct.
c
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Suppose the economy is initially at equilibrium, in which total planned real expenditures equals real GDP. Which of the following will occur if there is an increase in autonomous investment?
A) Inventories will decrease immediately and production of goods and services will increase until real GDP catches up with total planned real expenditures. B) Inventories will increase immediately and production of goods and services will decrease until real GDP catches up with total planned real expenditures. C) Inventories will not change and production of goods and services will not change either. D) Both inventories and production of goods and services will increase.
If a worker responds to an increase in the opportunity cost of leisure by taking more leisure, then her labor supply curve is
a. upward sloping. b. backward sloping. c. horizontal. d. vertical.
Why would lack of cooperation between criminal suspects be desirable for society as a whole?
a. The suspects are able to choose optimal outcomes for themselves by acting in their own self interest. b. The prisoners' dilemma safeguards the criminals' constitutional rights. c. More criminals will be convicted. d. None of the above is correct.
China exports toys to the United States; in a closed economy China must have a domestic price that is ________ the world price of toys.
A. close to B. equal to C. less than D. greater than