Gordon James is a person who sells narcotics "on the street." This type of illegal activity:
A. is excluded from GDP figures.
B. would be considered double counting in calculating GDP.
C. causes GDP to be overstated.
D. is estimated and included in GDP figures.
Answer: A
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Consider the ordinary and compensated demand curves for a normal good. If the price of the good falls, then
a. the ordinary demand curve will show the larger increase in quantity demanded. b. the compensated demand curve will show the larger increase in quantity demanded. c. the increase in quantity demanded will be the same for the ordinary and compensated demand curves. d. we cannot predict whether ordinary or compensated demand will show the larger response in quantity demanded.
Refer to Table 10-1. Using the table above, what is the approximate growth rate of real GDP from 2015 to 2016?
A) 1% B) 2% C) 3% D) 4%
Which of the following can issue bonds?
A. the government B. corporations C. government agencies D. all of the above
Refer to the above figure. As more and more firms are able to and actually do enter the industry, the demand curve of each firm and its marginal revenue curve
A) will shift inward until the demand curve is tangent to the average total cost curve. B) will become vertical. C) will become upward sloping. D) None of the above will occur.