Which of the following would be excluded from the gross domestic product (GDP)?
a. The mayor of a city hiring more workers to improve the sanitation of the city
b. The sale of mobiles decreasing significantly
c. The government reducing welfare benefits
d. A homemaker spending $20 taking the family out to lunch instead of cooking food ,
e. A consumer having his pickup truck tuned up at the local garage
c
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Minneapolis business Rogue Chocolatier sells specialty chocolate bars with a high cocoa content. Rogue can produce 15 chocolate bars per day with one employee, 29 with 2, 35 with 3 and 40 with 4 employees. Which statement is TRUE?
A) Rogue's marginal product curve decreases continually. B) Rogue's marginal product curve initially increases and then decreases. C) Rogue's total product curve increases at an increasing rate. D) Rogue's marginal product curve decreases initially and then increases.
For a monopoly, the level of output at which marginal revenue equals zero is also the level of output at which
a. average revenue is zero. b. profit is maximized. c. total revenue is maximized. d. marginal cost is zero.
If the MPC is 3/5 then the multiplier is
a. 4, so a $100 increase in government spending increases aggregate demand by $400. b. 1.5, so a $100 increase in government spending increases output by $150. c. 2.5, so a $100 increase in government spending increases aggregate demand by $250. d. 1.67, so a $100 increase in government spending increases output by $166.67.
If MFC < MRPL, the firm should
A. lower wages. B. get rid of some capital. C. reduce the number of workers. D. hire more workers.