If a friend helps you with your homework, it will not be calculated in the GDP accounts. But if you hire a tutor who reports the income, the services will be counted in GDP.
Answer the following statement true (T) or false (F)
True
Nonmarket production does not get counted in official GDP figures.
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In the decade leading up to the financial crisis of 2008, U.S. housing prices:
A. were falling sharply. B. were rising rapidly. C. increased slowly. D. did not change.
In order for any given commodity to be considered money, it has to
A) be issued and controlled by some governmental institution. B) have some intrinsic value. C) be generally acceptable as a means of payment. D) be used in barter transactions. E) be convertible into gold or silver.
Everything else held constant, a decrease in government spending ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
Which of the following is a difference between a binding and a not binding price floor?
a. A binding price floor causes a surplus in the market, while a not binding price floor causes a shortage in the market. b. A binding price floor causes a surplus in the market, while a not binding price floor has no impact on the market forces. c. A binding price floor causes a shortage in the market, while a not binding price floor has no impact on the market forces. d. A binding price floor causes a shortage in the market, while a not binding price floor causes a surplus in the market.