An open economy's GDP is given by
A. Y = C + I + G.
B. Y = C + I + G + T.
C. Y = C + I + G + S.
D. Y = C + I + G + NX.
Ans: D. Y = C + I + G + NX.
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John's utility of wealth curve is shown in the above figure. He currently has wealth of $20,000. If the state lottery offers a 1 in 10,000 chance of winning $10,000, John will
A) pay whatever price it takes to play. B) pay $1 to play this game. C) pay less than $1 to play this game. D) not be willing to play this game at any price.
As you move rightward on a marginal cost of abatement curve, emissions are
A) falling, and the cost of eliminating the marginal unit falls. B) rising, and the cost of eliminating the marginal unit falls. C) falling, and the cost of eliminating the marginal unit rises. D) rising, and the cost of eliminating the marginal unit rises. E) rising, and the cost of eliminating the marginal unit is constant.