What occurs in the second stage of economic development?
A. The manufacturing sector declines in importance.
B. Most of the labor force works in agriculture.
C. The service sector shrinks in its relative size.
D. Manufacturing gains in importance and employs a large portion of the labor force.
Answer: D
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Which of the following is included in "compensation of employees" part of the income approach to measuring GDP? I. Wages and salaries. II. Pension fund contributions. III. Social Security contributions
A) I only B) I and II C) I and III D) I, II and III
An example of a zero-sum game is
A) exchange. B) a consumer purchasing a used car from a used car dealer. C) the prisoners' dilemma. D) poker.
Behavioral economists think that the less obvious a person's opportunity cost is:
A. the harder it is to value accurately. B. the more likely they will undervalue it. C. the less likely they are to correctly value it. D. All of these are true.
One person out of every 1000 is an economist and 90% of them are math oriented. If only 5% of the population is math oriented and you pick a person at random who happens to be math oriented, it is
A. likely that the person chosen is not an economist rather than an economist. B. likely that the person chosen is an economist rather than an non-economist. C. almost impossible the person will be an economist. D. almost certain the person will be an economist.