Which of the following is included in GDP?
a. a U.S. company purchasing stock of a foreign company
b. a foreign company purchasing stock of a U.S. company
c. a U.S. company purchasing stock of another U.S. company
d. None of the above.
d
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The law of one price holds exactly only if
A) buyers have complete information. B) antitrust laws are being enforced. C) it is impossible for buyers to resell the good. D) transactions costs are zero.
The age-earning cycle usually begins
A) at relatively high income levels. B) at relatively low income levels. C) once a worker reaches 25 years of age. D) only when a worker is employed full time.
Which of these is a variable cost for a restaurant?
a. Insurance against damages on the rental space b. Rent for dining space c. Wages for the servers d. Tax accountant's salary
When markets open up to international trade, we know that consumer surplus will rise
a. True b. False Indicate whether the statement is true or false