Durable and nondurable goods and services lumped together in the expenditure approach to measuring GDP are called:
a. Personal consumption.
b. Gross private domestic investment.
c. Government spending.
d. Inventory.
e. Employee compensation.
a
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Suppose an attorney has hired a very well-educated secretary that is not only more productive in filing briefs but also more productive at typing than he is
Can you provide any explanation for why it might still make sense for him to continue filing briefs while the secretary continues to do the typing?
Charging a higher price for a motel room to customers with dogs or cats than to customers with no pets is most likely an example of
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) actual cost differences.
The presence of adverse selection in a market causes:
A. some transactions to fail to take place. B. a deadweight loss. C. market failure. D. All of these statements are true.
"The economic wealth of this country is primarily the result of the profit made by some individuals at the expense of others." The person who made this statement
a. has failed to comprehend that mutual gains result from specialization and exchange. b. has failed to comprehend the fallacy of composition. c. has failed to understand the significance of the production possibilities constraint. d. has utilized the economic way of thinking; the statement is essentially correct.