Which of the following is not considered part of the services category under the expenditure approach to GDP accounting?
a. sporting events
b. haircuts
c. commercial airline transportation
d. privately owned jets
d
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Made in the USA or Made in China has less meaning for products that
A) are a commodity such as iron ore. B) are an agricultural product such as wheat. C) are a product that is technological and involves assembling many different types of sometimes sophisticated components. D) are a product that is produced and consumed domestically. E) were produced fifty years ago versus the types of products manufactured today.
Total surplus equals:
a. consumer surplus + producer surplus ? deadweight loss. b. consumer surplus ? producer surplus ? deadweight loss. c. consumer surplus ? producer surplus + deadweight loss. d. consumer surplus + producer surplus.
Firms exist because of
A) incomplete contracts. B) team production. C) the incentive to free ride. D) all of these choices.
What is the expenditure multiplier that underlies the changes in this graph?
a. 0.25
b. 0.40
c. 1.33
d. 4.00