One of the most basic models of the economy is:
A. the current population survey.
B. real GDP per capita.
C. consumer expenditure.
D. the circular flow model.
Answer: D
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A firm's utility bill is a variable cost. If the cost of utilities increases, then in the figure above ________ upward
A) only curve A shifts B) only curve B shifts C) only curve C shifts D) both curves A and C shift E) both curves B and C shift
The period of time from 1,000,000 B.C. to 1300 A.D. was a period of
A) moderate economic growth. B) rapid and sustained economic growth. C) no sustained economic growth. D) slow and steady economic growth.
Many social policies, such as progressive income tax systems, are based on the idea that
a. everyone values money the same b. politicians are more responsive to the interests of the rich c. interpersonal comparisons of utility, however difficult, can be made d. the poor have a lower consumer surplus than the rich e. everyone has the same utility function
Consider the production possibilities frontier in the figure shown. As more and more cars are produced the opportunity cost of producing more cars:
A. decreases then increases. B. stays the same. C. decreases. D. increases.