Consider the following information for the U.S. economy (figures in billions).Table 7-2 Personal Consumption $7,761 Gross private investment 1,666 Government consumption and gross investment 2,075 Net exports −498 Indirect business taxes 339 Depreciation 1,380 Self-employment Income 834 Refer to Table 7-2. Gross domestic product is equal to

Use the table below to choose the correct answer. The table is a schedule of the supply and demand for coffee (both given in thousands of pounds per month). Price per Pound Quantity Demanded Quantity Supplied $6.00 25   9 $8.00 20 12 $10.00 15 15 $12.00 10 18

How would an economist attempt to scientifically study a broad and somewhat subjective question such as whether life was generally getting better or worse for people in the United States? 

Darius lent Alejandro $1,000 for one year with the understanding that Alejandro would repay $1,070. If the actual inflation rate was 7 percent, what was the real rate of interest Darius received?

Thousands of people from around the world cooperate with each other and work together every day to get pencils to your store as cheaply as possible so that you can buy them if you so choose.  Many of the people involved in this process don’t care about you or the pencils they are helping to create.  Which of the following does this best reflect?

Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired. The number of people in the civilian labor force is

The primary cause of frictional unemployment is

Ceteris paribus, an increase in the price of a good will cause the

The expression “There’s no such thing as a free lunch” means

Forest Gump drinks Dr. Pepper. He can buy as many cans of Dr. Pepper as he wishes at a price of $0.50 per can. On a particular day, he is willing to pay $0.95 for the first can, $0.80 for the second can, $0.60 for the third can, and $0.40 for the fourth can. Assume Forest Gump is rational in deciding how many cans to buy. His consumer surplus is