Which of the following is likely to be excluded from the gross domestic product (GDP) of a country?
a. The value of the drugs being sold in a vacant lot
b. The value of the drugs being sold in a pharmacy
c. A doctor treating a patient in a hospital
d. The value of a new house bought by an individual
e. The value of new furnitures bought by an individual
a
You might also like to view...
Cole was discussing the market for cocoa beans with his friend John Schmidt
Cole said, "Ever since Venezuela announced that its cocoa harvest was its lowest ever in fifteen years, the price of cocoa beans has been rising and rising and people are buying more and more. I think the demand for cocoa beans must be upward sloping." Is Cole right? Briefly explain why or why not.
The hypothesis stating that people combine the effects of past policy changes on important economic variables with their own judgment about the future effects of future and current policy changes is known as
A) policy irrelevance hypothesis. B) rational expectations hypothesis. C) life cycle hypothesis. D) real business cycle hypothesis.
If a bank has actual reserves of $40,000 and a 20 percent reserve requirement, then the maximum amount of checkable deposits the bank can have if excess reserves are zero is:
a. $100,000. b. $80,000. c. $300,000. d. $20,000. e. $200,000.
Which of the following people would be considered structurally unemployed?
a. A computer operator who loses his job due to obsolete job skills b. A landscaper who loses her job in the winter c. A construction worker who cannot work due to rainy weather d. A college graduate entering the labor force for the first time e. An auto worker who is laid off due to a drop in the demand for a certain type of car