For a given year, GDP includes the market value of the following:
A. stocks and bonds.
B. bartered goods.
C. services.
D. land.
E. second-hand cars.
Answer:C. services.
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If the price of cheese increases, the demand for hamburger buns will
A. decrease. B. remain constant. C. increase. D. shift to the right.
The River Rouge plant was built by the Ford Motor Company in the 1920s to produce the company's Model A car. Which of the following is evidence that the River Rouge plant suffered from diseconomies of scale?
A) Despite an expensive advertising campaign the Model A did not earn the company a profit. B) Model A cars made at the River Rouge plant failed to earn Ford a profit. Ford eventually constructed smaller plants to make the Model A at a lower average cost. C) Model A cars made at the River Rouge plant failed to earn a profit. Ford reduced the average cost of the Model A by cutting its employees' wages. D) Model A cars made at the River Rouge plant failed to earn a profit because the price of steel used to manufacture the Model A rose when workers in the steel industry went on strike.
Income decreases cause a decrease in a household's choice set.
Answer the following statement true (T) or false (F)
In 1934, the President was given the authority to reduce United States tariffs up to 50 percent provided other nations would also reduce their tariffs under the:
A. Underwood Tariff Law B. Smoot-Hawley Tariff Act C. Reciprocal Trade Agreement Act D. General Agreement on Tariffs and Trade