"Economics deals with human needs." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. The concept of needs is difficult to define objectively for each person, so that economists consider people's unlimited wants instead of their needs.
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Suppose Regretta Sigh becomes the lucky winner of a $10,000,000 state lottery jackpot after purchasing a single $1.00 lottery ticket. How does her lucky expenditure affect current GDP?
A) GDP rises by $1.00. B) GDP rises by $9,999,999. C) GDP rises by $10,000,000. D) GDP rises by $10,000,001. E) GDP rises by the present value of the total cash prize.
The fact that long-run growth in the U.S. has been relatively stable is consistent with the ______ model
a. endogenous growth. b. supply-side. c. Keynesian. d. neoclassical growth. e. none of the above.
Adam Smith's book The Wealth of Nations was published in
a. 1692. b. 1776. c. 1816. d. 1936.
As a monopolist's profit-maximizing quantity moves further away from the competitive industry's profit-maximizing quantity,
A. the larger the deadweight loss in the market. B. the larger the profits of the monopoly. C. the smaller the deadweight loss in the market. D. the harder it is for the firm to stay as a monopoly.