If C = $250, I = $50, G = $60, NX = -$20, and NFP = $5, how much is GNP?
A. $335
B. $365
C. $340
D. $345
Answer: D
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Why do economists tend to create models in diagrammatic form?
A. Diagrams distort reality, and theory is an attempt to avoid reality. B. Because they are unable to construct physical models of their theories. C. Economic reality can only be represented in diagrams. D. Most economists like to draw as much as possible. E. All of these responses are correct.
From an economic perspective, when consumers leave a fast-food restaurant because the lines to be served are too long, they have concluded that the
A. marginal cost of waiting is less than the marginal benefit of being served. B. management is making an assumption that other things are equal. C. marginal cost of waiting is greater than the marginal benefit of being served. D. management is exhibiting irrational behavior by not maximizing profits.
The omission of household production causes actual economic production to be underestimated
Indicate whether the statement is true or false
Why would we be likely to observe dentists engaging in price discrimination?
a. Dental care is expensive. b. All dentists are basically alike. c. It is very important to exercise care in choosing a dentist. d. It is nearly impossible to resell the services of a dentist. e. The demand for dentists is very inelastic.