Neoclassical growth theory emphasized how __________ contribute to growth
A) the resources labor and capital
B) technological changes
C) government policies
D) factors limiting population growth
A
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In calculating GDP, household production is
A) included as part of consumption. B) ignored because it is not a large amount. C) not included because there is no market transaction. D) included under employee compensation.
James used $200,000 from his savings account that paid an annual interest of 10% to purchase a hardware store. After one year, James sold the business for 300,000 . His accounting profit is:
a. $300,000 b. $100,000 c. $80,000 d. $20,000
When the free rider problem is present in a market:
A. what people pay often does not reflect the real value they put on a good. B. the good will likely be over consumed. C. the good is rival in consumption. D. the good is easily excludable.
The four key markets that coordinate the circular flow of income are
a. goods and services, resources, loanable funds, and foreign exchange. b. consumption, investment, stock, and government. c. government, household goods, bond, and business. d. financial, corporate, stock, and loanable funds.