GDP ignores all of the following EXCEPT:
A. household production.
B. the value of leisure time.
C. products produced in other countries that are sold in the United States.
D. changes in the environment that occur in the production of output.
Answer: C
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Quotas and tariffs both serve the purpose of
A) increasing foreign trade. B) restricting foreign trade. C) causing domestic producers to lose revenues. D) lowering prices on imported goods.
Economics
a. is a narrowly focused discipline. b. is a broad-ranging discipline. c. concerns itself only with the U.S. economy. d. says little about "everyday life." e. deals with minor problems.
What is the primary problem in comparing income inequality in the US with income inequality in other countries?
The labor force consists of:
a. people more than 20 years old and who are looking for work. b. people more than 16 years of age and older working or looking for work. c. all adults above 18 years of age with job skills. d. all working adults employed for more than forty hours a week.