Which of the following is an example of double counting in regards to GDP?
a. counting the value of two products often bought together, such as chips and dip
b. counting the value of sweaters that are inferior quality
c. counting the value of plastic used to make model kits as well as the final kit itself
d. counting the value of products that have two or more components such a TV with a
remote control
c. counting the value of plastic used to make model kits as well as the final kit itself
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Which of the following correctly identifies a difference between land and capital?
A) Land can be owned or rented by a firm, whereas capital cannot be owned. B) Capital can be owned or rented by a firm, whereas land cannot be owned. C) Land is created, whereas capital is a naturally occurring resource. D) Capital is created, whereas land is a naturally occurring resource.
Standardized products can appear:
A. only in perfectly competitive markets. B. in perfectly competitive and monopolistically competitive markets. C. in monopolistically competitive and oligopoly markets. D. in perfectly competitive and oligopoly markets.
In one possible scenario for the future, the United States would continue to decline in power, but China would not rise up enough to dominate. This would likely lead to
a. bipolarity. b. anarchy. c. multipolarity. d. theocracy.
If a state government reduces property taxes for residents at the same time that it increases the state income tax, what will happen to the expenditures schedule of the residents of this state?
A. It shifts upward. B. It shifts downward. C. It becomes less steep. D. It becomes steeper. E. It does not change.