Transfer payments are:
A) included in GDP.
B) not included in GDP.
C) included in both GDP and GNP.
D) none of the above.
B
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A monopolistically competitive firm:
A. sells products that are perfect substitutes for its competitors' products, so must compete on the basis of location. B. will be more successful the more similar its output is to its competitors' output. C. sometimes distinguishes its output from that of its competitors by locating in a more convenient place. D. sells products that are close substitutes for its competitors' products, so will locate as far away from its competitors as possible.
If there are 95 million people working, 5 million discouraged workers, 5 million receiving unemployment insurance benefits, and 10 million officially unemployed, how many people are in the labor force?
A. 95 million B. 100 million C. 105 million D. 110 million E. 115 million
Which of the following is NOT included in M1 or M2?
A. checking account balances B. currency in circulation outside of commercial banks C. traveler's checks D. credit card balances
Use the above figure. When the budget line rotates from "c" to "b"
A. the price of product J increases. B. the price of product K increases. C. the price of product J decreases. D. the price of product K decreases.