The overall level of well-being enjoyed by an individual is known as ________.
A. the real GDP
B. the growth rate
C. the national income
D. the standard of living
Answer: D
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Suppose that at the beginning of a loan contract, the real interest rate is 4% and expected inflation is currently 6%. If actual inflation turns out to be 7% over the loan contract period, then
A) lenders gain 1% of the loan value. B) borrowers lose 3% of the loan value. C) lenders gain 3% of the loan value. D) borrowers gain 1% of the loan value.
Most researchers agree that the New Deal positively impacted
(a) employment and overall production. (b) wages, working conditions and working hours. (c) electricity production and use of it as power. (d) all of the above.
Describe the argument that education generates a positive externality. Why might this externality not be relevant in terms of economic efficiency?
What will be an ideal response?
If a profit-maximizing firm in a perfectly competitive market is currently producing the output where (price - average variable cost) > average fixed cost, the firm is:
A. making a positive economic profit. B. making a zero economic profit. C. suffering an economic loss. D. None of these