The three approaches to measuring GDP are called the
A) accounting approach, the income approach, and the expenditure approach.
B) product approach, the cost approach, and the expenditure approach.
C) product approach, the income approach, and the expenditure approach.
D) accounting approach, the statistical approach, and the income approach.
C
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The minimum wage is a
A) factor that decreases unemployment because fewer people search for work if the minimum wage is increased. B) possible cause of job search because it lowers wages below their equilibrium. C) possible cause of job rationing because it raises wages above their equilibrium. D) possible cause of job rationing because it lowers wages below their equilibrium. E) government established highest wage that is legal to pay.
When all the costs and benefits of a transaction are borne by the participants of that transaction, _____
a. the market outcome will be inefficient b. the private costs and social costs are identical c. negative externalities exist d. positive externalities exist e. the free rider problem arises
If investment changes because of a change in the price level, then the
A) economy moves from one point on an AD curve to another point on the same curve. B) AD curve shifts. C) economy moves from one point on a SRAS curve to another point on the same curve. D) SRAS curve shifts. E) none of the above
Inflation is basically
What will be an ideal response?