Which, if any, of the following causes a country's reported GDP to be less than its total economic production?
A) the exclusion of household production
B) the exclusion of government transfers
C) the inclusion of government expenditures
D) None of the above cause reported GDP to be less than total production.
A
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How does a firm in monopolistic competition determine its price and quantity? What type of profit can it make in the short run and the long run?
What will be an ideal response?
At the 1976 IMF conference in Jamaica,
A) the United States reaffirmed its commitment to buy and sell gold at a fixed price. B) currencies were formally allowed to float. C) the major countries of the world agreed to continue a system of fixed exchange rates. D) the gold standard was reestablished.
In Table 1, steaks are classified as a(n)
A) normal good. B) positive good. C) inferior good. D) marginal good.
New York City limits the number of taxi cabs that can legally operate in the city. The most likely result of this practice is that
a. cab fares will be lower. b. cab fares will be higher. c. the cost of operating a taxicab will be lower. d. subway fares will decrease.