Roughly how large is the difference between U.S. GDP and U.S. GNP?
What will be an ideal response?
Less than 0.1%
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The concept of loss aversion is:
A. a general tendency for people to put more effort into achieving gains than avoiding losses. B. preferring certain outcomes over uncertain ones. C. a general tendency for people to put more effort into avoiding losses than achieving gains. D. a spectrum of tolerance for risky situations.
Briefly explain what effect a reduction in the saving rate will have on growth
What will be an ideal response?
A World View article titled "Secondhand Smoke Kills 600,000 People a Year: Study" implies the harm caused to nonsmokers is
A. An example of a public good. B. An example of government failure. C. Included in the market price of cigarettes. D. An example of externality costs.
Refer to the above figure. Profits for this firm are
A) negative. B) zero. C) positive. D) undetermined without more information.