For the purposes of calculating GDP using the expenditure approach, which of the following is not included in the government purchases account?
A. The government's purchase of a computer
B. The payroll of the federal government
C. Government purchases of pencils
D. Welfare payments to the poor
Answer: D
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The nature of demand indicates that as the price of a good increases:
To say that a firm is competitive in the labor market is to say that the firm
a. has little or no control over the number of workers it hires. b. has little or no control over the wage it pays its workers. c. is aggressive in pursuing the most skilled workers in the labor market. d. is aggressive in trying to keep its workers' wages low.
The short-run aggregate supply curve shows the various amounts of real output that producers are willing to
A) sell at different profit levels. B) sell at different price levels. C) buy at different income levels. D) buy at different price levels.
Exhibit 1A-5 Straight line
In Exhibit 1A-5, as X increases along the horizontal axis, from point C to point D on the line, the Y values
A. increase so the relationship between X and Y is direct. B. decrease so the relationship between X and Y is inverse. C. remain unchanged so the relationship between X and Y is independent. D. change so the relationship between X and Y is variable.