Which of the following items is excluded from GDP?
A. services a barber performs in repairing his own hair-cutting equipment
B. production and sale of hair-cutting equipment
C. the construction of a new barbershop
D. services a barber performs in cutting hair
Answer: A
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Draw a production function and illustrate the effects of capital investment and technological improvement on labor productivity.
What will be an ideal response?
Economists generally feel that a lack of natural resources ______ economic growth.
a. has little effect on b. is an obstacle to c. will prevent sustained d. aids a nation’s
Briefly explain the benefits of a flat tax.
What will be an ideal response?
Having a precommitment strategy gives the Fed the ability to alter the Fed funds rate when needed.
Answer the following statement true (T) or false (F)