Use of real GDP to measure changes in national output from one period to another can be misleading if
a. the price level is different for the two periods.
b. the share of production carried out in the nonmarket sector is different for the two periods.
c. the bundle of goods produced during the periods is quite similar.
d. the size of the export-import sector differs for the two periods.
B
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Points below a firm's total product curve are
A) both attainable and technologically efficient. B) neither attainable nor technologically efficient. C) attainable but not technologically efficient. D) technologically efficient but not attainable.
Which of the following is the best example of a System 2 decision and action?
A. Marty learns that his usual driving route to work will have significant delays due to construction but forgets and goes that way anyway. B. Doug eats a whole plate of nachos despite the fact it compromises his carefully planned diet. C. Bruce "goes with his gut" when choosing between two kinds of motorcycles to purchase. D. Chuck, who has contemplated a job change for a month and has other offers, chooses to quit when his boss makes him mad.
The consumer optimum is found by using
A) marginal utility. B) total utility. C) total utility minus marginal utility. D) total utils.
A monetary aggregate is
A. coin and paper currency. B. paper currency. C. a measure of the quantity of money in the economy. D. coin.