An advantage of the household survey over the establishment survey of the labor market is that the household survey
A) is based on actual payrolls, rather than on unverified answers.
B) includes the number of self-employed persons.
C) includes the number of discouraged workers.
D) omits persons employed at newly opened firms.
Answer: B
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When each individual has consistent preferences, but those of the community are not consistent, it is known as
A. agenda manipulation. B. majority rule. C. voting paradox. D. logrolling.
GDP uses the market value of goods and services because it:
A. provides the opportunity to compare lists of outputs to see who produced more. B. markets are the only way to value goods and services. C. provides a common valuation that allows us to compare one economy to another. D. is the only data that can be gathered about goods and services.
The following is budget information for a hypothetical economy. All data are in billions of dollars.YearGovernment SpendingTax RevenuesGDP1$1,100$1,000$10,00021,2501,40010,20031,4501,45010,50041,6001,50010,90051,8001,55011,200Refer to the above data. In which year is there a budget surplus?
A. Year 1 B. Year 2 C. Year 3 D. Year 4
You've purchased a car for $20,000 and now are deciding whether to have a sunroof installed for $800 and a security system installed for $200. The marginal cost of adding both the sunroof and the security system is:
A. $800. B. $1,000. C. $20,000. D. $21,200.