We consider the preferences of the consumer because
A) we want to understand the consumer's reaction to changing circumstances.
B) we want to determine the best marketing strategy.
C) the government wants to make the best consumption and leisure choice.
D) the firm needs to determine what to produce.
A
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If Mother Teresa had spent $190,000 on a leprosarium in Calcutta, how would her purchase have directly affected U.S. GDP?
A) It would remain unchanged because the expenditure occurred outside the domestic economy. B) It would remain unchanged because Mother Teresa was not acting out of her own selfish interests. C) It would have increased by $190,000. D) It would have decreased by $190,000.
Coordination of economic policies among nations is a prisoner's ________ because if all countries go it alone, they will choose to ________
A) dilemma; compete B) conundrum; cooperate C) sentence; compete D) dilemma; cooperate E) quandary; collude