Social Security payments are
A. not included in Gross Domestic Product (GDP).
B. not included in Gross Domestic Product (GDP), but are included in Net Domestic Product.
C. included in Gross Domestic Product (GDP).
D. not included in Gross Domestic Product (GDP), but are included in Gross Domestic Income accounts.
Answer: A
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When investors become irrationally optimistic that an asset's price will continue to rise, it causes a financial bubble to:
A. start to inflate. B. be on the verge of bursting. C. burst. D. become doubted by most serious investors.
If the price is so low that vendors start to run out of bottled orange juice, they might ration their remaining inventory among willing buyers by
A. lowering the price per bottle. B. raising the price per bottle. C. closing early. D. creating a shortage.
With the creation of value, there is a
A. leftward shift of both the demand and supply curves. B. leftward shift of the demand curve and a rightward shift of the supply curve. C. rightward shift of the demand curve. D. leftward shift of the supply curve.
The assumption that the marginal utility of wealth diminishes implies that
A) total utility falls when wealth increases. B) the marginal utility of wealth is negative. C) total utility increases with wealth and each additional unit of wealth increases total utility by a smaller amount. D) total utility increases with wealth and each additional unit of wealth increases total utility by the same amount.