If gross domestic purchases are ________, then net exports are ________.
A. less than gross domestic product; positive
B. equal to zero; also equal to zero
C. greater than gross domestic product; positive
D. greater than gross domestic product; greater than net imports
Answer: A
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The opportunity cost to a cab driver of taking the day off increases when
A) it rains. B) more cabs enter the business. C) the price of gasoline rises. D) the weather is so pleasant everyone prefers to walk. E) many other cabs are out on the streets.
A focus on economic profit
A) will change the behavior of the firm. B) will cause a management turnover. C) will cause stock prices to fall. D) will created on added value.
An equilibrium in which each individual optimizes, taking market prices as given, is called
a. a Nash equilibrium. b. a Walrasian equilibrium. c. an Edgeworth equilibrium. d. a robust equilibrium.
Goods and services for which network concerns are important have ________ demand.
A. relatively inelastic B. relatively elastic C. unitary elastic D. perfectly inelastic