Figure 3-19
Refer to . Buyers who value this good more than price are represented by which line segment?
a.
AC
b.
CE
c.
BC
d.
CD
a
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Which of the following best measures improvements in the standard of living of a nation?
A. growth of real GDP B. growth of nominal GDP C. growth of real GDP per capita D. growth of national income
Which of the following occurs when an economic activity has a spillover benefit on third parties not engaged in the activity?
A) An economic profit B) A positive externality C) A gain in producer surplus D) A gain in consumer surplus
A good is path dependent when
A) it can only be used in one way. B) people who move location follow the path of people who moved before them. C) consumers get utility from consuming goods that others are consuming, such as restaurants. D) the first technology that was adopted has an advantage over a better technology that came later.
The economists at the New York Fed estimate that the return the typical person receives from an investment in a college education is
A) 4.5 percent per year. B) 12.5 percent per year. C) 15 percent per year. D) more than 40 percent per year.