From the economic point of view, why will an avid downhill skier devote many hours to reading, comparing, and testing a new pair of ski boots but only a few hours to deciding who to vote for in the state senator race?
A) Ski boots are ultimately more important to society than state senators.
B) He needs new ski boots; he does not need a new state senator.
C) In his estimation, being highly informed about ski boots is a better use of his time compared to being highly informed about potential state senators.
D) He is selfish.
C
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When Frank's income rises from $29,000 to $34,000 per year, he increases his purchases of tomatoes from 20 pounds to 28 pounds per year
What is Frank's income elasticity of demand for tomatoes? (Use the midpoint formula.) According to Frank, are tomatoes an inferior or normal good?
The saving function shows the relationship between planned real saving and
A) real wealth. B) real disposable income. C) the average propensity to save. D) the marginal propensity to save.
Spending on imports should get _________ GDP, and spending on exports should be __________.
A. subtracted from; included B. included in; included as well C. subtracted from; subtracted as well D. included in; subtracted
The main reason why one nation trades with another is to
a. save its natural resources from rapid depletion. b. exploit the advantages of specialization. c. eliminate the danger of retaliation from other nations. d. improve political alliances.