Economic growth can be measured by:
(a) The Consumer Price Index;
(b) The National Household Quarterly Survey;
(c) Gross Domestic Product;
(d) Marginal Propensity to Consume.
Answer: (c) Gross Domestic Product;
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A man can rewire a house in 12 hours and can panel a room in 15 hours, and his teenage son can rewire a house in 18 hours and can panel a room in 16 hours. Who is more efficient in rewiring a house, and who is more efficient in paneling a room?
a. The father is more efficient at both activities. b. The father is more efficient at rewiring a house, and the son is more efficient at paneling a room. c. The father is more efficient at paneling a room, and the son is more efficient at rewiring a house. d. The two are equally efficient at both activities.
In U.S. v. Addyston Pipe and Steel Company (1898), the Supreme Court ruled that
a. horizontal mergers were a violation of the Sherman Act. b. vertical mergers were a violation of the Sherman Act. c. collusive agreements among competing firms were a violation of the Sherman Act. d. mergers that created "corporate monoliths" were a violation of the Sherman Act.
If the bidders at a first-price auction have true values of $78, $72, $66 and $65, the item will sell for
a. Just above $78 b. Just under $72 c. Just above $72 d. Just above $66
Economists most often disagree over positive rather than normative economic issues
a. True b. False Indicate whether the statement is true or false