When calculating GDP, underground economic activity is
A) the production of goods and services in the home.
B) that portion of the time when we are enjoying leisure activities and not producing marketable goods.
C) the part of the economy purposely hidden.
D) an aspect of the quality of life, such as health and life expectancy.
C
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Attitudes toward public land use have changed numerous times since the late 1800s
Indicate whether the statement is true or false
When a country takes a multilateral approach to free trade, it
a. removes trade restrictions on its own. b. reduces its trade restrictions while other countries do the same. c. does not remove trade restrictions no matter what other countries do. d. is willing to trade with multiple countries at once.
Which of the following statements about economic models is TRUE?
A) Economic models are not empirically testable. B) The predictive power of models is not as important as they serve the preferences of economists. C) Economic models are designed so that every detail of the real world can be analyzed. D) Every economic model is based on a set of assumptions.
Justin and Maria work at a restaurant. Justin can make either 10 pancakes or 4 waffles; Maria can make either 8 pancakes or 2 waffles. According to this scenario, the opportunity cost of making one waffle for Maria is
A. 1/4 pancake. B. 4 pancakes. C. 2/5 pancake. D. 2 1/2 pancakes.