Which elements of GDP were affected by the financial crisis and the lack of available credit?
a. consumption and business investment only
b. consumption and government spending only
c. consumption, business investment and government spending only
d. consumption, business investment, government spending and imports/exports
d
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Given the information in the figure above, Joe can benefit from trade as far as the price at which he buys Liz's smoothies is
A) below 5 salads per smoothie. B) not higher than 2 salads per smoothie. C) not lower than 2 salads per smoothie. D) not lower than 1 salad per smoothie. E) not higher than 4 salads per smoothie.
Which of the following is not a reason that the findings of cost-benefit analyses on public goods are only rough approximations?
a. Without prices, it is difficult to be sure how much people really value a good. b. Analysts can't be sure that the respondents to surveys are telling the truth. c. Analysis must include not only the cost of building the project but also the cost of maintenance, if any. d. People value goods differently if they are publicly provided rather than privately provided.