GDP excludes expenditures by:
A. businesses on pollution control equipment.
B. business for travel and entertainment.
C. consumers on used automobiles.
D. government on military hardware.
Answer: C
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If an economy produced 220 pounds of jelly beans at $5 per pound and 90 pounds of gum drops at $2 per pound in 2016, its real gross domestic product (GDP) was
A) 310 pounds of candy. B) $180. C) $1,100. D) $1,280.
Depreciation of the dollar refers to
A. Intervention in international money markets. B. A fall in the dollar price of a foreign currency. C. An increase in the price of foreign currency in terms of dollars. D. A loss of foreign exchange reserves.
Look at the following equations and then answer the question below.
Week 1: MU1/$1 > MU2/$1 9 utils/$1 > 1 utils/$1 Week 2: MU1/$1 > MU2/$1 6 utils/$1 > 2 utils/$1 If consumer equilibrium is reached in week 3, what is the most likely value of MU1 in week 3? a. 1 util b. 2 utils c. 3 utils d. 6 utils
In the country of Bora Bora, consumers buy large quantities of alcohol, tobacco, and coffee. Last year, the prices of these goods each increased by 10 percent. The quantities demanded for these goods fell by 10, 3, and 8 percent, respectively. If the government is thinking about imposing a unit tax on one of these goods, which good should they choose to tax to raise the most tax revenue, and why?
A. Alcohol; because the price elasticity is highest. B. Tobacco; because the price elasticity is lowest. C. Coffee; because it will have the lowest tax elasticity. D. Tobacco; because it will have the highest tax elasticity.