In economics, satiation means
A. that quantity demanded and quantity supplied rises.
B. that the market price has been attained.
C. eventually the marginal value of the good consumed decreases.
D. eventually the marginal value of the good consumed increases.
Answer: C
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Which of the following would be directly counted in GDP for 2015?
A) windows purchased from Pella in 2015 to be installed in a house built in 1945 B) windows built in 1945 which were salvaged from a 1945 house and are going to be used in a newly-built house C) windows built in 1945 which were salvaged from a 1945 house and are going to be used in a house built in 1950 D) none of the above
If a person who weighs 100 lbs. is riding in an elevator and is joined by a person weighing 120 lbs., what happens to the average weight of persons on the elevator?
A. It falls. B. It rises. C. It stays the same.
When social costs for using a scarce resource are included, then there is
A) a decrease in the production of the good. B) a negative externality. C) a decrease in the price of the good. D) a positive externality.
Oil is a key input to the U.S. economy. Describe scenarios in which oil could be involved in each of the following types of shifts: a rightward shift in the short-run aggregate supply (SRAS) curve, a leftward shift in the SRAS curve, a rightward shift in the long-run aggregate supply (LRAS) curve, and a leftward shift in the LRAS.
What will be an ideal response?