Which of the following is typically not counted in GDP?
A) any nonmarket good and services
B) income generated from apartment rentals
C) illegal drug sales
D) all of the above
E) none of the above
C
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If good “A” is represented on the horizontal axis and good “B” on the vertical axis, then the steeper the production possibilities frontier at a given level of production of good “A,” the
A. larger the opportunity cost of producing an extra unit of good “A.” B. larger the quantity of resources being devoted to the production of good “B.” C. smaller the quantity of resources being devoted to the production of good “A.” D. smaller the opportunity cost of producing an extra unit of good “A.” E. greater the returns to scale in the production of good “A.”
Absorption refers to
A) the total amount of imports purchased by a country. B) the net amount of imports purchased by a country. C) total spending by domestic residents, businesses, and governments. D) GDP less desired consumption, desired investment, and government purchases.
A minimum wage is an example of a
A) price floor. B) price ceiling. C) quantity quota. D) free market equilibrium.
Total planned expenditures for domestically produced goods and services consist of
A. consumer spending, business spending, government spending, and import spending. B. consumer spending, business spending, and net export spending only C. government spending, business spending, and import spending only. D. consumer spending, business spending, government spending, and net export spending.