Increases in real GDP would understate the well-being of a country over time if, over that time period, the
A) crime rate increased.
B) percentage of people addicted to illegal drugs increased.
C) amount of pollution decreased.
D) average hours worked per week increased.
Answer: C
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Exhibit 21-4 Coffee and tea output (pounds per hour) CountryCoffee Tea Brazil10 5 China 8 8 As shown in Exhibit 21-4, the opportunity cost to Brazil of producing one pound of coffee is:
A. 1 pound of tea. B. 5 pounds of tea. C. 1/2 pound of tea. D. 10 pounds of tea.
Which of the following is true of the total revenue curve of a perfectly competitive firm?
a. ?The slope of the curve decreases as output increases. b. ?The slope of the curve remains constant slope as output increases. c. ?It is horizontal. d. ?The slope of the curve increases as output increases. e. ?It is vertical.
Prices that adjust nearly on a daily basis are:
A. custom prices. B. auction prices. C. sticky prices. D. heavy prices.
When Major League Baseball players were awarded the right of free agency, no player had to give up their own free agency in order for someone else to get it, and no one could be excluded from free agency
These two characteristics of free agency demonstrate that it meets the criteria of a A) pure public good. B) club good. C) common pool resource. D) pure private good.