The income-expenditure model focuses on changes in
A) price. B) operational lags.
C) output levels. D) import restrictions.
C
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After graduating from college and getting a job you stop buying generic brand cereal. This suggests that generic brand cereal is a(n)
A. substitutable good. B. normal good. C. complementary good. D. inferior good.
An economy can increase its total output of goods and services if it
a. increases the hours of work or output per hour. b. increases the hours of work or decreases output per hour. c. decreases hours of work or decreases output per hour. d. decreases hours of work and decreases output per hour.
Steve and Karen decide to watch a movie on Netflix using a promotion code so they do not need to pay for that movie. We know that
A) both bear the same opportunity cost because they are seeing the same thing. B) both bear the same opportunity cost because the tickets have the same face value. C) both bear an opportunity cost that depends on what each person is giving up to watch the movie. D) neither bears an opportunity cost since neither needs to pay for the movie.
Since there are diminishing returns to the removal of further trade barriers, economists do not favor further negotiations
Indicate whether the statement is true or false