Which of the following would be included when calculating Gross Domestic Product?
A. a Social Security check for $1,500
B. the purchase of a previously owned house for $300,000
C. the purchase of a used automobile from a friend
D. none of these
Answer: D
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In terms of cost-benefit analysis, explain why a competitive market with an externality produces too much pollution
What will be an ideal response?
Which of the following is not a measure of how close a nation is to full employment?
a. Capacity utilization index. b. Unemployment rate. c. Employment rate. d. Net export position of the nation. e. All the above.
Which of the following statements is true?
A) Economics does not provide insights into human behavior. B) Economic reasoning tends to reduce the quality of decision making. C) Economics is concerned with money, not choices. D) Economics can be used to predict people's actions.
Who still has to economize?
A) The senior citizen who receives a 10% discount at the local coffee shop B) The day-after-Christmas shopper who enjoys sales of up to 70% on holiday merchandise C) Bill Gates D) All of the above. E) None of the above.