Which of the following is a way to compute GDP?
a. add up the wages paid to all workers
b. add up the quantities of all final goods and services
c. add up the market values of all final goods and services
d. add up the difference between the market values of all final goods and services and then subtract the costs of producing those goods and services
Ans: c. add up the market values of all final goods and services
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In the pivotal Supreme Court decision Munn v Illinois (1877), the court held that
(a) natural monopolies were subject to government regulation. (b) business in interstate commerce was subject to regulation. (c) any business, whether or not a natural monopoly, or whether or not it was in interstate commerce, may under certain circumstances be subject to regulation. (d) only businesses chartered (licensed) by governments could be subjected to government regulation.
When decisions are guided strictly by short-run gains, this is known as
A) opportunistic behavior. B) the prisoners' dilemma. C) tit-for-tat strategy. D) a positive-sum game.
Governments can deal with externalities through the use of
a. subsidies. b. taxes. c. price controls. d. All of the above are correct.
With the understanding that people respond to incentives, outline the possible outcome for teachers if the K-12 school year is extended to 11 months per year instead of the existing 9 months per year