The total dollar value of purchases in the economy is far larger than GDP primarily because:
a. GDP ignores taxes
b. GDP excludes the value of intermediate goods exchanged.
c. GDP excludes the output from foreigners working in America.
d. GDP ignores production in the home
b
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The consumer price index (CPI):
a. adjusts for changes in product quality. b. includes separate market baskets of goods and services for both base and current years. c. includes only goods and services bought by typical urban consumer. d. uses current year quantities of goods and services.
Over a twenty-five year period, about half of the merger acquisitions are split up
Indicate whether the statement is true or false
A monopolist that practices perfect price discrimination
a. creates no deadweight loss. b. charges one group of buyers a higher price than another group, such as offering a student discount. c. charges a higher price but produces the same monopoly level of output as when a single price is charged. d. charges some customers a price below marginal cost because costs are covered by the high-priced buyers.
Even though 80,000 individuals in the United States wait for kidney transplants and, for a price, there are many individuals who would be willing to supply a kidney (a healthy person can donate one kidney without any problems), it remains illegal to buy and sell organs in the United States. A market for kidneys does not exist because of:
A. social forces. B. market forces. C. economic forces. D. political forces.