Going to the dentist would be counted in GDP as:
A. crowns and fillings.
B. insurance utilization.
C. a service.
D. a measure of welfare.
Answer: C
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Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular telephone is
A) 50,000 and $100. B) 80,000 and $80. C) 60,000 and $50. D) 40,000 and $20. E) 100,000 and $20.
The following is NOT an example of a potential monitoring solution to moral hazard
a. blocking social network sites on company computers b. closed circuit TVs throughout a warehouse c. requiring a kitchen remodeling contractor to be 'bonded' d. listening in on call center conversations
What establishes the value of fiat money?
a. Our collective trust and confidence that the central government, which decrees that money cannot be refused as payment for debt. b. Gold and silver owned by the large commercial banks. c. The central government authority's promise to redeem fiat money for gold or silver upon demand. d. None of the above.
Figure 6.5 shows the short-run and long-run effects of an increase in demand of an industry. The market is in equilibrium at point A, where 100 identical firms produce 6 units of a product per hour. If the market demand curve shifts to the right, what will happen to the number of firms in the industry as the industry moves from point A to point B?
A. It increases. B. It decreases. C. It remains the same. D. either A or B or C