Which of the following are included in GDP?
a. Traffic congestion
b. Crime
c. Pollution
d. Underground economic activity
e. None of the above
E
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The figure above shows the market for brooms. If 400 brooms are produced,
A) consumer surplus is maximized. B) producer surplus is maximized. C) market failure and a deadweight loss occur. D) marginal cost is greater than marginal benefit. E) consumer surplus equals zero.
Gross domestic product is officially measured by adding together the
Hotels in New York City frequently experience an average vacancy rate of about 20 percent (i.e., on an average night, 80 percent of the hotel rooms are full). This kind of excess capacity is indicative of what kind of market?
a. monopoly b. perfect competition c. monopolistic competition d. oligopoly
In economics, the creation of capital is referred to as
A. investment. B. comparative advantage. C. allocation. D. consumption.