QN=66 (17774) Household spending on education is counted in which component or subcomponent of GDP?
a. consumption of durable goods
b. consumption of nondurable goods
c. consumption of services
d. investment
c. consumption of services
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Which of the following is not an in-kind benefit?
a. A company life insurance policy. b. A company health plan. c. A company's annual holiday bonus. d. A company car.
The most important determinant of the elasticity of supply is
A) whether the good is a durable good or a nondurable good. B) the price of the good. C) the time period firms have to adjust to the new price. D) the proportion of the good in the budget of consumers.
In a common-value auction
a. No bidder knows what the exact value of the item being auctioned b. Each bidder knows the exact value of the item c. The value is different for each bidder d. All of the above
Figure 18.2Refer to Figure 18.2. In autarky, the maximum amount of fishing poles that Macadamia can produce is:
A. 40. B. 100. C. 120. D. 160.