The measurement of GDP includes
A) nonmarket goods such as homemaking and child-rearing.
B) the benefits of clean air and water.
C) estimated values of activity in the underground economy.
D) purchases and sales of goods produced in previous periods.
C
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The most common form of trading goods for goods is
A. bilateral trade. B. government commodity distribution. C. status-based trades. D. barter. E. payments in kind.
Other things equal, granting unemployment benefits or welfare benefits to striking workers
A) reduces the likelihood of a strike since management will be more cooperative. B) reduces the costs of a strike to workers and will increase their willingness to strike. C) reduces the likelihood of a strike since union workers make wages significantly above unemployment benefits or welfare payments. D) increases the willingness of management to permit a strike.
GoodPrice Increase Last YearAmusement park tickets5.0%Bowling balls4.2%Camouflage neckties3.1% Refer to Table 8.1, which gives hypothetical data on price changes for three goods. If the overall rate of inflation in the economy was 3.5%, which good(s) experienced a relative price increase?
A. Amusement park tickets only B. Amusement park tickets and bowling balls C. All three goods experienced relative price increases D. Camouflage neckties only
The highest level of labor union organization is the
A. state. B. federation. C. national. D. local.