GDP is the market value of:
A. all intermediate goods and services produced in an economy in a given year.
B. all expenditures on consumption, investment, and net exports in an economy in a given year.
C. all final goods and services produced in an economy in a given year.
D. all expenditures on natural resources, labor, and capital goods in an economy in a given year.
Answer: C
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Money cannot serve as a medium of exchange unless it also serves as a store of value. Is this statement true or false? Explain
What will be an ideal response?
If a Pigovian tax is levied on producers, the supply curve will shift:
A. straight up, decreasing quantity. B. straight down, decreasing quantity. C. straight up, increasing quantity. D. straight down, increasing quantity.
The factor that leads to underpricing and overuse of an economic resource is
a. human greed and selfishness. b. capital markets. c. the lack of an enforceable property right. d. the lack of understanding of pollution and its effects.
How can economists be confident that the pill itself is responsible for the increases in female labor force participation?
A. States that legalized the pill earlier also had earlier increases in female labor force participation. B. Starting from 1960, the year the pill was approved for sale, female labor force participation has been rising. C. States that legalized different versions of the pill had different patterns of female labor force participation. D. It seems to be common sense that delaying childbearing would increase labor force participation.