Which of the following transactions would count in GDP?
a. Kerry buys a new sweater to wear this winter.
b. Patricia receives a Social Security check.
c. Roberto gives his daughter $50 for her birthday.
d. Latika sells $1,000 of Google stock.
e. Karen buys a new car.
f. Amy buys a used car.
Answer:
A. Kerry buys a new sweater to wear this winter.
E. Karen buys a new car
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Refer to the figure above. What is the producer surplus after Lithasia opens up to free trade?
A) $2 B) $3 C) $6 D) $9
Moral hazard arises from
A) the difficulty of distinguishing good-risk borrowers from bad-risk borrowers. B) the likelihood that bad-risk borrowers are more likely to accept a loan than are good-risk borrowers. C) savers' difficulties in monitoring borrowers. D) borrowers' difficulties in locating savers.
Every economic model should include money as a variable. This statement is
A) true, because every transaction in the economy uses money. B) true, because the federal reserve is very important. C) false, because some transactions in the economy are transacted without money. D) false, because a model can get unnecessarily complex if it includes money.
In 2001, the first year of the Bush administration, Americans learned that recessions were a thing of the past
a. True b. False Indicate whether the statement is true or false