Answer the following questions true (T) or false (F)
1. The enjoyment or satisfaction people receive from consuming goods and services is called utility.
2. If by purchasing more apples and fewer oranges you increase your total utility, then apples must be cheaper than oranges.
3. Economists assume people's tastes are identical.
1. TRUE
2. FALSE
3. FALSE
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Comparisons of GDP between developed and underdeveloped countries are often misleading because underdeveloped countries produce
a. a greater share of their total production in the household sector, which understates their GDP relative to developed countries. b. a smaller share of their total production in the household sector, which understates their GDP relative to developed countries. c. a greater share of their total production in the household sector, which overstates their GDP relative to developed countries. d. a smaller share of their total production in the household sector, which overstates their GDP relative to developed countries.
The priority of a junior lien is based on ____________; not ____________
Fill in the blank(s) with the appropriate word(s).
The HPAE "economic miracle" illustrates a clear case in which
A) exports and growth were positively related. B) exports were promoted by successful economic growth. C) economic growth was determined by successful export promotion. D) trade policy dominated other considerations in promoting economic growth. E) import substitution enhanced economic development.
When are black markets likely to arise?
A. when the government removes a price floor B. when there is a surplus of a good C. when the quantity supplied of a good exceeds the quantity demanded D. when the government enforces a price ceiling