Government purchases of goods and services are:
A. Nonexhaustive because they do not directly absorb resources and account for production
B. Exhaustive because they directly absorb or employ resources and account for production
C. Both exhaustive and nonexhaustive because in some cases they do directly absorb resources or account for production and in other cases they do not
D. Neither exhaustive or nonexhaustive because of the tax revenues that finance these purchases
B. Exhaustive because they directly absorb or employ resources and account for production
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The following table contains the actual prices charged by four Web sites for a 3D Collector's Edition Blu-ray disc of the movie Marvel's Avengers: Age of Ultron in November 2015
Amazon $24.99 Walmart 25.48 Best Buy 29.99 Disney Store 29.99 Explain whether the information in this table contradicts the law of one price.
Believers in a fixed-rule approach to stabilization policy propose that
A. Congress should balance the high employment budget. B. the Fed should keep the money supply growth constant. C. the economy be stabilized by automatic mechanisms. D. All of these responses are correct.
If the price of a product falls below average total cost in the short run, the firm:
a. has an economic profit. b. cannot cover total fixed costs. c. experiences a loss. d. must always shut down. e. should expand output until MC = MR.
If you purchase a gift worth $25 for your sister, but your sister would be willing to pay only $10 is she bought the item for herself, then the:
A. Total utility of the gift is $35 B. Total utility of the gift is $15 C. Marginal utility of the gift is $15 D. Loss of value in the gift is $15