Which of the following is NOT included in the income approach to calculating GDP?
A) wages
B) profits
C) interest
D) net exports of goods and services
E) rent
D
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Keynes thought that expectations are
a. a function of current income. b. predictable and stable. c. an important determinant of consumption. d. unpredictable and influences planned investment.
The unemployment rate is one measure of the economic health of our nation. Explain how the existence of discouraged workers and underemployed workers may undermine the usefulness of the unemployment rate for this purpose
In class action lawsuits, interested parties to the lawsuit are not required to pay attorney fees directly. This is an example of an attempt to
a. maximize attorney fees. b. reduce the incentive of attorneys to file class action lawsuits. c. reduce the transaction costs of finding a private solution to an externality. d. regulate attorney fees.
Refer to the graph shown. Assuming that this monopolist maximizes profit, it will produce:
A. 700 units of output per day. B. 300 units of output per day. C. 800 units of output per day. D. 600 units of output per day.