Calculating Gross Domestic Product (GDP) by the income approach would require including
A. all wages paid.
B. the market value of all final goods and any profits.
C. all restaurant sales.
D. all transfer payments by the government.
Answer: A
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Nontariff barriers lead to: a. decreases in the prices of imports
b. an increase in domestic production. c. increases in the prices of exports. d. an increase in domestic consumption.
Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry maximizes his economic surplus by attending:
A. NoName U because the annual cost is only $20,000. B. Elite U. C. NoName U because he has a full scholarship there. D. State College.
Which of the following correctly describes the external benefit resulting from an individual's purchase of a winter flu shot?
A. The flu shot is cheaper than the cost of treatment when you get the flu. B. The income of doctors increases when you get the flu shot. C. The flu shot reduces the likelihood others will catch the flu. D. The flu shot reduces the likelihood you will miss work as the result of sickness; therefore, you will earn more income.
Which of the following is a measure of economic growth that is most useful for comparing living standards?
A. Growth in nominal GDP B. Decreases in the rate of unemployment C. Increases in real GDP per capita D. Increases in real GDP