Which of the following is NOT included in real GDP?
A) production of services, such as the services of hair dressers
B) production of goods that last less than a year, such as production of hot dogs
C) production that takes place in the underground economy
D) production of goods that last more than a year, such as a pair of roller blades
C
You might also like to view...
If an airport decides to expand by building an additional passenger terminal, and in doing so it lowers its average cost per airplane landing, then the expansion would provide ________ to the airlines
A) higher marginal costs but lower total costs B) higher average costs but lower total costs C) economies of scale D) diseconomies of scale
Most people on welfare
a. are not U.S. citizens b. are poorly educated and have few job skills c. do not qualify for food stamps, child care, or Medicaid d. have jobs e. are below the age of 16
Investment expenditures consists of
A) Purchase of farmland. B) Construction of office buildings. C) Construction of new roads and bridges. D) All of the above.
The demand curve faced by a monopolistic ally competitive firm:
A. Is more elastic than the monopolist's demand curve B. Is less elastic than the monopolist's demand curve C. Will shift outward as new firms enter the industry D. Is more elastic than the demand curve faced by the purely competitive firm