As measured, GDP omits which of the following?

i. Illegal sales of goods and services
ii. Changes in the amount of leisure time
iii. Household production of goods and services
A) i and ii B) ii and iii C) i only D) i, ii, and iii E) i and iii


D

Economics

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If the Fed wishes to increase nominal interest rates, it must engage in an open market ________ of bonds to ________ the money supply.

A. sale; increase B. sale; keep constant C. sale; decrease D. purchase; increase

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The law of diminishing marginal utility explains why

A. economists think that utility is a fallacy. B. consumers optimize by spending all of their income. C. individual demand curves have a negative slope. D. marginal utility rises as total utility falls.

Economics

The fee for overdraft privileges are usually between $______ and $______.

Fill in the blank(s) with the appropriate word(s).

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The notion that buyers determine what will be produced by choosing what they purchase is called consumer sovereignty.

Answer the following statement true (T) or false (F)

Economics