When GDP is measured as the total payments made to households that furnish the resources used to produce the final goods and services, it is known as:
a. the income approach.
b. the expenditure approach.
c. the depreciation approach.
d. the aggregate demand approach.
e. net national product.
a
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A view of a spectacular sunset on a beach is ________
A) a rival and excludable good B) an excludable good C) a non-rival good D) a rival but non-excludable good
If an economist states that not enough of a good is being produced, she usually means that
A) not everyone can afford the good. B) price exceeds marginal cost. C) consumer surplus equals zero. D) at equilibrium, some people who still wish to sell the good cannot find a buyer.
An increase in the marginal propensity to consume (MPC) leads to a increase in the spending multiplier
a. True b. False Indicate whether the statement is true or false
Who among the following individuals will not be a part of the U.S. labor force?
a. An unemployed computer worker who has given up looking for a job b. A college graduate seeking job after graduation c. An unemployed person who is not working because of a labor dispute d. A person who can work only part-time e. A person who recently moved to a new city and has not yet found a job