Babysitting services the oldest son provides his parents
A) does not count as real GDP nor nominal GDP.
B) counts as real GDP and nominal GDP.
C) counts in both real and nominal GDP only if the son is not paid.
D) counts as real GDP but not nominal GDP.
E) counts as nominal GDP but not real GDP.
A
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When restrictions alter the pattern of international trade, the _____ benefit and the _____ suffer(s)
a. domestic consumers; domestic producers b. domestic consumers; government c. domestic producers; domestic consumers d. foreign producers; domestic producers e. foreign producers; domestic consumers
Assume that recent oil exploration coupled with a fall in demand reduced petroleum imports of a nation to zero. We can expect:
a. the domestic price of petroleum to fall below the world price. b. the world price of petroleum to fall to equal the domestic price. c. petroleum exported by the domestic producers to increase. d. petroleum exported by the domestic producers to decrease.
All of the following are examples of producer goods except: a. machinery
b. tools. c. appliances. d. factory buildings.
Economists study perfect competition
a. because many markets are perfectly competitive. b. for its descriptive realism. c. to establish a benchmark by which to measure the performance of the economy. d. All of the above are correct.