Nominal GDP includes the current value of services produced in the economy.
Answer the following statement true (T) or false (F)
True
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Economists have determined that there are four factors that seem to strongly affect a nation's rate of economic development. Which is NOT one of these four factors?
A) supporting current industries and the jobs they provide instead of adopting new technology that brings disruptive social changes B) developing an educated population C) establishing a system of property rights D) limiting the extent to which the government imposes trade barriers
You can buy a season ticket to the Metropolitan Opera for $800. A season ticket plan to see the New York Knicks is $1600. Which of the following is a CORRECT statement?
A) The money price of opera tickets is 1/2 of a Knicks ticket per opera ticket. B) The opportunity cost of a Knicks ticket is 2 opera tickets per Knicks ticket. C) The relative price of an opera ticket is $800. D) the money price of a Knicks ticket is 2 opera tickets per Knicks ticket.
Price ceilings make the decision about how to ration goods very easy for the government
Indicate whether the statement is true or false
One of the problems with calculating the true amount of discrimination that takes place in the market for labor is
a. the inability to calculate wage differentials. b. the inability to see changes in the wage differentials over a period of time. c. the difficulty in measuring productivity differences between workers. d. the difficulty in measuring female labor-force participation.