In 2016, which component of GDP had a negative value?
A) consumption
B) investment
C) government purchases
D) net exports
D) net exports
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Allocative efficiency occurs when it is
A) possible to produce more of one good without giving up the production of some other good. B) possible to produce more of all goods. C) not possible to produce more of one good without giving up the production of some other good that is valued less highly. D) not possible to produce more of one good without giving up the production of some other good that is valued more highly.
Janet prefers cashews to almonds. She prefers macadamia nuts to peanuts, but she is indifferent between almonds and peanuts. Which of the following statements can we say for sure?
a. Janet prefers cashews to macadamia nuts. b. Janet prefers peanuts to cashews. c. Janet prefers macadamia nuts to almonds. d. Janet prefers almonds to macadamia nuts.