Which of the following goods is least likely to be in a market basket?
A. Helicopter
B. Gasoline
C. Barbie dolls
D. Breakfast cereal
A. Helicopter
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What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.
Assume that GDP = $10,000 and the MPC = 0.75. If policy makers want to increase GDP by 30 percent, by how much should they increase government spending?
A) $300 B) $750 C) $1,000 D) $3,000
Determinants of income differences include all of the following EXCEPT
A) age. B) marginal productivity. C) moral hazard. D) discrimination.
When the slope of the total production curve begins to flatten:
A. the marginal product must be decreasing. B. diminishing marginal product must be occurring. C. additional inputs adds less to total production than the inputs added before. D. All of these are true.