Which of the following would NOT be included in the calculation of the GDP?
A. the value of the service of legally produced gambling in Las Vegas
B. the value of the production of nuclear weapons
C. the value of the services of a homemaker
D. the value of a bottle of domestically made wine
Answer: C
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Starting at full employment, a business cycle can be described by the following sequence: ________ equilibrium, ________ equilibrium, ________ equilibrium
A) full-employment; below full-employment; above full-employment B) below full-employment; full-employment; above full-employment C) above full-employment; below full-employment; full-employment D) below full-employment; full-employment; below full-employment
On a balance sheet, a company's accounts receivable are listed as
A) current liabilities. B) goodwill. C) current assets. D) stockholder's equity.
On hot summer days, electricity-generating capacity is sometimes stretched to the limit. At these times, electric companies may ask people to voluntarily cut back on their use of electricity. On these days, electricity is
a. excludable, but nonrival in consumption. b. not excludable, but rival in consumption. c. excludable and rival in consumption. d. not excludable and nonrival in consumption.
A case study of Japanese auto imports during the 1980s focuses on an agreement between Japan and the United States to undertake:
a. a coordinated effort to improve gas mileage. b. a study of wage concessions by Japanese carmakers in the United States. c. a review of unionization and employee benefits in both nations. d. a voluntary export restraint.