In recent years, people have benefited from greater amounts of leisure time. This trend:
A. has caused GDP to rise.
B. has caused GDP to fall.
C. made GDP fluctuate randomly.
D. is not accounted for in GDP.
Answer: D
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Which of the following can be used as money?
A) silver B) emeralds C) coconuts D) all of the above
Suppose Alan receives a check for $300 from a bank in Dallas. He deposits the check in his account at his Baltimore bank. Which of the following is Alan's Baltimore bank likely to collect the $300 from?
A. The Baltimore bank's regional Federal Reserve bank. B. The U.S. Treasury. C. The main Federal Reserve Bank in Washington, D.C. D. The Federal Reserve Board of Governors.
What do economists mean by "per capita GDP"?
The value of a country's production at current market prices. The value of a country's production adjusted for inflation. The value of a country's production divided by the country's population. The value of all paid and unpaid work in the country.
Refer to Scenario 1.1 below to answer the question(s) that follow.SCENARIO 1.1: An economist wants to understand the relationship between minimum wages and the level of teenage unemployment. The economist collects data on the values of the minimum wage and the levels of teenage unemployment over time. The economist concludes that a 1% increase in minimum wage causes a 0.2% increase in teenage unemployment. From this information he concludes that the minimum wage is harmful to teenagers and should be reduced or eliminated to increase employment among teenagers.Refer to Scenario 1.1. The statement that a 1% increase in the minimum wage causes a 0.2% increase in teenage unemployment is an example of
A. positive economics. B. equity. C. Ockham's razor. D. normative economics.