Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
|
True or False:
Both the supply and demand curves depend on expectations but the supply curve depends on the expectations of the buyer and the demand curve depends on the expectations of the seller. |
False.
|
|
|
The GDP is:
a.) A physical measure of the capital stock of the economy b.) The sum of the physical amounts of goods and services in the economy c.) A dollar measure of output produced during a given time period d.) A measure of the per capita economic growth rate of the economy |
C
|
|
|
Which of the following statements refers to public goods?
a.) Priced in the market like a private good b.) Characterized by exclusive consumption c.) Any good produced by a unit of government d.) Characterized by joint consumption |
D
|
|
|
Which of the following explains why flood control is a public good?
a.) The government usually produces flood control projects b.) It is not divisible and therefore cannot be kept from people who do not pay c.) There are external benefits associated with its production d.) All of the above |
B
|
|
|
A rightward shift in a demand curve and a leftward shift in a supply curve both result in a:
a.) lower equilibrium quantity b.) higher equilibrium quantity c.) higher equilibrium price d.) lower equilibrium price |
C
|
|
|
The per capita GDP is:
a.) A measure of output divided by the total population b.) The value of the factors of production used to produce output in a country c.) The sum of consumer goods, investment goods, government goods, government series, and net exports d.) A dollar measure of the economic growth rate of a country |
A
|
