Gordon is a person who sells narcotics "on the street." This type of illegal activity:
A. Would be considered double counting in calculating GDP
B. Is estimated and included in GDP figures
C. Is excluded from GDP figures
D. Causes GDP to be overstated
C. Is excluded from GDP figures
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If the demand is ________, a fall in price ________ total revenue
A) elastic; increases B) elastic; decreases C) inelastic; increases D) inelastic; does not change
It is correct to state that a society which is on its production possibilities curve is
A) underutilizing is resources. B) technologically inefficient. C) consuming too much output. D) fully utilizing its productive resources.
Refer to the above figure. An unregulated natural monopolist's profits will be
A) profits equal to Q1 times distance a-c. B) losses equal to Q4 times distance f-g. C) losses equal to Q3 times distance d-e. D) profits equal to Q1 times distance a-b.
Within the U.S. population, teenagers (ages 16-19) have lower rates of labor-force participation than adults of prime working age (ages 25-54), regardless of race or gender
a. True b. False Indicate whether the statement is true or false