What we produce during our working time is ________ as part of GDP and the enjoyment we gain from our leisure time is ________ as part of GDP
A) included; not included
B) included; included
C) not included; included
D) not included; not included
A
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The average number of weekly hours worked in manufacturing began to decline during World War I (1914–18)
Indicate whether the statement is true or false
In the automobile insurance market, adverse selection occurs when
A) drivers with greater risks buy a policy with large deductibles. B) drivers with greater risks buy a policy with no deductibles. C) uninsured drivers drive recklessly. D) insured drivers drive recklessly.
When decisions are guided strictly by short-run gains, this is known as
A) opportunistic behavior. B) the prisoners' dilemma. C) tit-for-tat strategy. D) a positive-sum game.
Goods having a negative calculated income elasticity are
a. superior goods b. producers' goods c. nondurable goods d. inferior goods e. none of the above