A consumption good that would be counted in GDP would be a:
A. new bicycle.
B. vintage bottle of wine purchased at an auction.
C. A newly issued stock.
D. washing machine purchased at a garage sale.
Answer: A
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Refer to the graph shown. Which of the curves represents a normal yield curve?
A. A B. B C. C D. D
The optimal taxation system is a tax system that
A. minimizes the total tax burden. B. minimizes the overall excess burden. C. maximizes tax revenues. D. is highly progressive.
Alan is offered a gamble. Heads he wins $100, tails he wins $20 . If the game costs $60, would he play?
a. Yes he would play since the expected value is equal to the price of the play b. Yes he would play since the expected value of the play is higher than the price of the play c. No he would not play since the price of the play is higher than the expected value d. No he would not play since this is a fair bet and he is not being offered any risk premium
Elasticities are often _______ in the short run than in the long run.
a. higher b. lower c. equal d. congruent