You purchase a bag of chocolate chips for $3, a bag of flour for $1, a bag of sugar for $.50, a half dozen eggs for $.50, and a half pound of butter for $2. You use all these ingredients to make three dozen cookies. Your roommate offers you $15 for them, and you happily accept. How much does this process contribute to GDP?
A. $8
B. $7
C. $22
D. $15
Answer: B
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A prisoner's dilemma illustrates situations in which:
A. resources with the lowest opportunity cost should be used first. B. there is a conflict between the narrow self-interest of individuals and the broader interests of a group. C. everyone does best when each person specializes in the activities in which he or she has a comparative advantage. D. efficiency is an important social goal.
A nation's capital stock will decline, ceteris paribus, in all of the following situations except
A. Net investment is negative. B. The population increases faster than the capital stock. C. Depreciation exceeds gross investment. D. None of the choices are correct.
How much is induced consumption when disposable income is $400 billion?
A. 0
B. $100 billion
C. $200 billion
D. $300 billion
One sign of the cartel power of the NBA is the use of salary caps.
a. true b. false