GDP can be calculated using
A. the way people earn money (but not the way people spend money).
B. the way people spend money (but not the way people earn money).
C. either the ways people earn money or the ways people spend money.
D. the difference between the way people earn money and the way they spend it.
Answer: C
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Use the table below to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product0015220332442550655758858956With the addition of the second unit of input, the marginal product is ________ and the average product is ________.
A. 10; 15 B. 15; 20 C. 25; 10 D. 15; 10
When market failures occur
A) the invisible hand will correct for the market failures. B) the price system will correct the market failures. C) people will reduce their consumption. D) the government can step in to correct the market failure.
Which of the following is an example of a government program that provides in-kind assistance to the poor?
a. Supplemental Security Income (SSI) b. Temporary Assistance for Needy Families (TANF) c. food stamps d. Social Security payments e. unemployment benefits
To display information on two variables, an economist must use
a. a bar graph. b. a pie chart. c. the coordinate system. d. a time-series graph.