Which of the following examples of production of goods and services would be included in U.S. GDP?
a. Sally, a Canadian citizen, works on a drilling crew in North Dakota for Northland Gas Services, and Northland sells the natural gas to a utility company in Canada.
b. Jim grows pecans for his family in the yard of their San Antonio home.
c. Joe grows marijuana in his Kansas City home and sells it to his friends and neighbors.
d. None of the above examples of production would be included in U.S. GDP.
a
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The formula for price elasticity of demand that is used in practice
A. usually drops all minus signs. B. usually takes on different values at different points on the demand curve. C. may calculate the percentage change in price between P1 and P2 as “(P2 ? P1) as a percentage of (P1 + P2)/2.” D. All of the responses are correct.
Although the reciprocal nature of the problem suggest that the proceeds of a corrective tax not be paid to as compensation to those harmed, if compensation is paid to those harmed by externalities _____
a. the payment should be made from general revenues to keep the corrective action separate from the compensatory part b. the payment should be set equal to marginal external cost c. the payment should be made in one lump sum to minimize incentives to create future problems d. the payment should be double the amount of the corrective tax to justly compensate the victims
In the market for chocolate chip cookies, if the demand decreases while the supply increases, the price definitely falls but the quantity might increase, decrease, or remain the same
Indicate whether the statement is true or false
The figure above shows Sam's budget line. Which of the following equals the vertical intercept of Sam's budget line?
A) Y/Pc B) Y/Pg C) -(Pc/Pg) D) -(Pg/Pc)