Gross domestic product calculations count only final goods and services because
A) counting all goods and services would lead to double-counting of many activities.
B) these are the only goods and services that are purchased in an economy.
C) one cannot calculate the quantities of intermediate goods produced.
D) it is difficult to measure the prices of intermediate goods produced.
A
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Who gains in a voluntary trade?
A. Both the buyer and the seller, but the seller usually gains more. B. Both the buyer and the seller. C. The buyer only. D. The seller only.
Using the data in the above table, what is the marginal product of the second worker?
A) 4.5 pizzas per hour B) 4 pizzas per hour C) 5 pizzas per hour D) The marginal product is undefined.
The textbook points out that rent controls have
A) benefited upper-income or existing tenants. B) had no effect on the market for housing. C) greatly benefited the homeless. D) attracted increases in low-income housing.
Which political philosophy argues that the government should choose policies to maximize the total utility of everyone in society?