conserve on energy, they are acting in ______ & _______.
the social interest, their self-interest
In an effort to clean air, many communities impose
restrictions on the burning of garbage. This policy causes
more garbage to be buried underground, potentially
increasing groundwater contamination. What concept
does this example represent?
Trade-Offs
,The opportunity cost of receiving a free ticked to the
NCAA championship game with a face-value of $450 and
attending the game is:
there resale value of the lost market value of selling the
ticket and the time to go
What are the institutions that help foster the appropriate
incentives for economic growth?
a dependable legal system, property rights, & competitive
& open markets
,Gross Domestic Product (GDP) is best defined as the _____
value of all _____ goods and services that are produced
_________.
market, final, within a country in 1 year
what data is used to calculate GDP?
both quantities and prices of goods
, If a country's GDP per capita rises, this means that...
i. the country has fewer poorer people
ii. some people in the country have more wealth
iii. the country's standard of living is rising
ii & iii
It is often said that _____ is the "main driver" the economy
because its share of GDP is larger than any of the other
expenditure components.
consumption