Consumption:
A. is the largest component of the U.S. GDP.
B. is the value of total goods purchased by government.
C. includes the price of new homes.
D. is what households spend on food.
A. is the largest component of the U.S. GDP.
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Refer to Table 2-2. Assume Billie's Bedroom Shop only produces pillows and blankets. A combination of 9 pillows and 21 blankets would appear
A) along Billie's production possibilities frontier. B) inside Billie's production possibilities frontier. C) outside Billie's production possibilities frontier. D) at the vertical intercept of Billie's production possibilities frontier.
A bumper crop would be bad news for farmers if their crop has an inelastic demand because their total revenue would:
A. rise along with price. B. rise as price falls. C. fall as price rises. D. fall along with price.
Which economic principle accounts for the fact that all-you-can-eat buffet restaurants can be profitable?
A) the law of demand B) the principle of diminishing marginal utility C) the principle of comparative advantage D) the law of supply
When economists refer to "investment," they are describing a situation where:
A. people are buying shares of corporate stock. B. resources are devoted to increasing future output. C. money is saved in a bank account. D. financial assets are purchased in the hope of a monetary gain.