Which of the following is included in GDP?
A. The value of an existing house sold during a year
B. The value of the steel and aluminum used to produce a new car
C. The value of a haircut
D. The value of a homemaker's services
Answer: C
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Which of the following is not true about The American Recovery and Reinvestment Act of 2009:
A. it is more commonly known as the "stimulus plan." B. it Increased government spending. C. it included tax cuts. D. It privatized social security system.
An equilibrium is an outcome in which
a. all individuals are simultaneously optimizing. b. constraints are no longer binding. c. social gain is as large as possible. d. the wants of all agents are fully satisfied.
With economic development comes each of the following, EXCEPT
A. a decline in the birth rate. B. an increase in the stock of capital. C. rising per capita GDP. D. a declining wage rate.
All of the following are major factors limiting economic growth in developing countries EXCEPT
A. deregulation. B. corruption. C. dead capital. D. inefficient government regulation.