Which of the following items would be in GDP?
A. the value of pollution emitted from a factory
B. the building that a company has used for its headquarters for a decade
C. household purchasing tax advice from an accountant
D. a single person cleaning their own clothes
Answer: C. household purchasing tax advice from an accountant
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When compared with China, the growth of clothing exports originating in Bangladesh is the result of
A) the comparative advantage that Bangladesh has in the production of clothing for export. B) the absolute advantage that China has in the production of clothing for export. C) the absolute advantage that Bangladesh has in the production of clothing for export. D) the comparative and absolute advantage that China has in the production of clothing for export. E) the comparative and absolute advantage that Bangladesh has in the production of clothing for export.
Since the mid-1980s, the dollar's value has fallen from over 300 yen per dollar to about 136 yen per dollar. This trend might be explained by:
A. Japanese purchases of U.S. dollars. B. lower interest rates in Japan. C. lower inflation in Japan. D. higher economic growth in Japan.
Based on the above figure, if countries "A" and "B" faced the production possibilities curves above, both countries would benefit if
A. they both produced both industrial and agricultural goods. B. they did not trade. C. "B" produced industrial goods, and "A" produced agricultural goods. D. "A" produced industrial goods, and "B" produced agricultural goods.
Which of the following would lead to a rightward shift in the demand curve for golf balls?
a. An increase in the price of golf clubs b. A decrease in the popularity of golf c. An increase in the number of golfers d. A decrease in the price of golf balls e. An increase in the golf club membership fee