Which of the following is included in GDP calculations?
a. the college tuition paid to enroll in a course
b. a check for $50 received on your birthday
c. cash income received by a self-employed landscaper that is not reported to the IRS
d. sales revenue received from a yard sale
a
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Which of the following lowers the equilibrium price of a canoe?
A) an increase in the supply of canoes B) an increase in the demand for canoes C) an increase in the quantity of canoes supplied D) a decrease in the supply of canoes E) Both answers A and B are correct.
Which of the following is likely to cause a rise in the wage rate and a decrease in the number of workers hired in a garage?
A) The shutdown of a nearby garage B) A decrease in the price of the services provided by the garage C) An increase in the price of the services provided by the garage D) The opening of a new garage nearby that offers higher wages to its workers
The AD curve shifts to the right with a __________ in government purchases (G) or a __________ in taxes
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Markets exist:
A. so people can buy and sell things. B. because people are self-sufficient. C. because each person specializes in the production of many products. D. as an arrangement where buyers do not interact with sellers.