Which is not counted in GDP?
A. A Social Security check sent to a retiree
B. Government spending on highway building
C. Money spent on an airline ticket
D. Money spent by a company to build a new office park
Answer: A. A Social Security check sent to a retiree
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Economics can be defined as the social science that explains the ________
A) choices made by politicians B) choices we make when we trade in markets C) choices that we make as we cope with scarcity D) choices made by households
All of the following are sources of loanable funds EXCEPT
A) business investment. B) private saving. C) government budget surplus. D) international borrowing.
Cartel members have an incentive to cheat on the cartel because:
a. the cartel does not maximize profits. b. the cartel price is the competitive price. c. each member's output quota is too high. d. each member's MR is not equal to the cartel's MC. e. the industry profit would be higher under competitive conditions.
Prior to 1973, the world operated on a system of fixed exchange rates called the Bretton Woods system
a. True b. False Indicate whether the statement is true or false