Why are transfer payments not included in GDP?
A. The amount is too low to have any effect.
B. Unemployment varies and can't be tracked.
C. They do not represent payments to those who contributed resources to currently produced goods or services.
D. Money companies receive from the government isn't reported.
Answer: C
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Wages that are above the wage that workers would accept, where the premium is paid to increase worker productivity, are referred to as:
A) wage floors. B) wage ceilings. C) efficiency wages. D) productivity wages.
The current price of wheat is $10 per bushel, but the equilibrium price of wheat is $5 per bushel. As a result, a. the quantity supplied of wheat exceeds the quantity demanded of wheat at $10 per bushel. b. the equilibrium quantity of wheat exceeds the quantity demanded at the $10 price
c. there is a surplus of wheat at the $10 price. d. All of the above are correct.
Which of the following holds true if a country is said to have a comparative advantage in the production of wheat?
a. The country can produce more wheat than any other nation. b. The opportunity cost of producing wheat is the lowest in the country. c. The price of wheat is the lowest in that country. d. Domestic wheat is of the best quality in the world. e. The country can produce only wheat.
As long as the maximum buying price of a good is less than the minimum selling price of that good, an exchange will occur
Indicate whether the statement is true or false