Gordon is a person who sells narcotics "on the street." This type of illegal activity:
A. Would be considered double counting in calculating GDP
B. Is estimated and included in GDP figures
C. Is excluded from GDP figures
D. Causes GDP to be overstated
C. Is excluded from GDP figures
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According to economic theory, profits are maximized where
A) total revenue equals total cost. B) marginal revenue equals marginal cost. C) price and average cost are equal. D) where marginal product and average cost are equal.
A U.S. bakery buys wheat from Canada and pays for it with US dollars. This transaction
a. increases Canadian net exports, and increases U.S. net capital outflow. b. increases Canadian net exports, and decreases U.S. net capital outflow. c. decreases Canadian net exports, and increases U.S. net capital outflow. d. decreases Canadian net exports, and decreases U.S. net capital outflow.
If all persons had identical preferences and productivity factors (ability, skill level, education, experience, etc.), the highest paying jobs would be the most
a. easily learned. b. undesirable. c. convenient. d. prestigious.
the federal open market committee of the federal reserve system is responsible for
What will be an ideal response?