Government purchases exclude spending by the government for resources such as labor.
Answer the following statement true (T) or false (F)
False
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The law of demand indicates that as the price of a good increases:
a. suppliers sell less of it. b. suppliers sell more of it. c. buyers buy less of it. d. buyers buy more of it.
While GDP includes spending on recreation and travel, it does not cover ____________, which is also part of the standard of living.
a. leisure time b. overtime c. sick time d. play time
Suppose a market basket of goods and services costs $400 in the base year and the consumer price index (CPI) is currently 125. This indicates the price of the market basket of goods is now:
A. $275. B. $425. C. $500. D. $525.
Governments should promote education because education contributes to the nation's
A) free markets. B) international trade. C) economic growth potential. D) employment. E) protection of property rights.