In the determination of economic growth, political freedom
A. is more important than economic freedom.
B. is inversely related to economic freedom.
C. is equally as important as economic freedom.
D. appears to be less important than economic freedom.
Answer: D
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If a country's imports of goods and services exceeds its exports, ________.
A. GDP equals the sum of consumption, investment, and government purchases B. net exports are positive C. GDP is less than the sum of consumption, investment, and government purchases D. GDP exceeds the sum of consumption, investment, and government purchases
The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the resources lost due to search?
A) area A B) area B C) area C D) area D E) area E
Which of the following definitely results in a product's equilibrium price rising?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply E) an increase in the supply combined with no change in the demand
The above figure shows the marginal private benefit and marginal social cost of a college education. If society's external benefits from college graduates is $10,000 each, then the private market outcome is inefficient because
A) no students will go to college. B) society places less value on educating the next student than it will cost society to educate that student. C) society places greater value on educating the next student than it will cost society to educate that student. D) the marginal cost will shift upward.