Gross Domestic Product is counted using two methods: one which counts all the ways people ________ money and another which counts all the ways people ________ money.
A. earn; spend
B. spend; save
C. loan; borrow
D. earn; save
Answer: A
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The circular flow diagram implies that if accounting is done correctly, ________
A) the flow of income must exceed the implied value of the factors of production B) the implied value of the factors of production must exceed the flow of income C) the flow of expenditure must equal the income of the households making those expenditures D) the flow of expenditure must exceed the income of the households making those expenditures
The way in which an oligopolist acts in response to a price change by a competitor is known as a
A) zero-sum game. B) positive-sum game. C) reaction function. D) cooperative game.
Lower interest rates motivate:
A. firms to invest less in new factories and working capital. B. firms to invest more in new factories and working capital. C. individuals to spend less on consumption goods. D. individuals to spend less on capital goods.
The halfway-point between the buyer's valuation and the seller's opportunity cost is:
a. sometimes a focal point. b. where the two parties invariably agree to transact. c. outside the core. d. inside the utility possibility frontier.