Which of the following would not be entered in the GDP?
a. paying for a service
b. cleaning your own house
c. buying a ticket to a concert
d. eating in a restaurant
b. cleaning your own house
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From an economic perspective, when consumers leave a fast-food restaurant because the lines to be served are too long, they have concluded that the
A. marginal cost of waiting is less than the marginal benefit of being served. B. management is making an assumption that other things are equal. C. marginal cost of waiting is greater than the marginal benefit of being served. D. management is exhibiting irrational behavior by not maximizing profits.
An increase in the marginal tax rate
A) decreases the expenditure multiplier but cannot make it negative. B) has no effect on the expenditure multiplier. C) can either increase or decrease the expenditure multiplier. D) increases the expenditure multiplier. E) decreases the expenditure multiplier and can make it negative.
What helps to explain the remarkable 7.3% growth rate in South Korea between 1960 and 2011?
A) The education of South Korean women B) A radical reduction in foreign imports and a maximization of South Korean exports C) Huge foreign aid from the World Bank D) All of the above. E) None of the above.
The opportunity cost of hold real money balances is the:
A) interest rate. B) price level. C) all of the above. D) none of the above.