The largest component of household consumption spending is expenditures on:
a. services.
b. durable goods.
c. nondurable goods.
d. food.
e. transportation.
a
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Shirley can choose between peanut butter pretzels and caramel coated popcorn for her evening snack. According to economists, her _____ cost of consuming caramel coated popcorn would be the forgone peanut butter pretzels
a. internal b. opportunity c. average d. transaction e. social
Which of the following is NOT a characteristic of monopoly market structures?
A. There are no barriers to entry. B. A single firm produces the entire market output. C. No close substitutes for the product are available. D. The easier consumers can find imperfect substitutes for the firm's product the lower will be the firm's market power.
The following data show nominal GDP and the appropriate price index for several years. Compute real GDP for each year and indicate whether you have “inflated” or “deflated” nominal GDP in finding real GDP. All GDP are in billions
The primary factor that caused some economists to lose their faith in the Keynesian approach to macroeconomic policy was
A. theoretical proof that Keynes's ideas were invalid. B. the high levels of unemployment that occurred during the Great Depression. C. the presence of both high unemployment and high inflation during the 1970s. D. evidence that Keynes's ideas were useful during economic recessions, but not during economic booms.