Which of the following activities would be included in GDP?
A. You buy a cake from a local bakery for $30.
B. You pay a friend $30 to bake a cake.
C. You bake a cake for yourself.
D. All of these would be included in GDP.
A. You buy a cake from a local bakery for $30.
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Phil Harrison is a welder who works on skyscrapers and extension bridges. Phil's brother William is also a welder but he works in a manufacturing plant where he does all of his welding on ground level
Which of the following would not explain why Phil earns a higher wage than his brother? A) cognitive dissonance B) Phil's marginal revenue product is greater than William's marginal revenue product. C) Phil has greater experience as a welder than his brother has. D) Phil's job is more hazardous than William's job.
Suppose the United States experiences a long period of inflation relative to other countries. How will this affect U.S. net exports?
What will be an ideal response?
In a particular country in 2008, the average worker had to work 40 hours to produce 100 units of output. In that same country in 2018, the average worker needed to work 35 hours to produce 94.5 units of output. In that country, the productivity of the average worker
a. increased by 2 percent between 2008 and 2018. b. increased by 8 percent between 2008 and 2018. c. remained unchanged between 2008 and 2018. d. decreased by 2 percent between 2008 and 2018.
Evidence indicates that the average economic profits of invention are
A. well above zero. B. slightly above zero. C. equal to zero. D. less than zero.