Hired housekeepers, nannies, and cooks, working in households as either employees or self-employed persons, earn incomes for productive services that are not counted in GDP
Indicate whether the statement is true or false
F
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The leadership of the Federal Reserve System is provided by
A) the Board of Governors. B) the Federal Advisory Committee. C) the Federal Open Market Committee. D) the directors of the twelve Federal Reserve banks.
If a firm is currently producing where MR = MC and price = $24, AVC = $22, and ATC = $26, then in the long run this firm should
a. continue to operate at a loss b. earn a positive profit c. go out of business d. increase output e. decrease price
A market:
A. always requires face-to-face contact between buyer and seller. B. entails the exchange of goods but not services. C. is an institution or mechanism that brings together buyers and sellers. D. exhibits upsloping demand and downsloping supply curves.
Alternating periods of economic growth and contraction are
A. The result of recurrent shifts of aggregate demand and aggregate supply. B. The result of government intervention according to Keynes. C. Not typical of the U.S. economy. D. Indicative of an unstable economy and require government intervention according to classical economists.