Which of the following would tend to increase the value of officially measured GDP?
a. decriminalization of drugs such as marijuana and cocaine
b. decriminalization of prostitution
c. decriminalization of gambling on basketball and football
d. all of the above
d
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If Sam is willing to pay $50 for one good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10, then Sam's consumer surplus is:
a. $10 b. $40. c. $70 d. $100.
(Last Word) It is expected that by 2050, most nations will have decreasing populations. With the likely decline in the labor force and number of hours of work in the economy, what must occur for real GDP to continue to rise?
A. Increasing amounts of natural resources must be brought into production. B. Labor productivity must grow faster than the drop in work hours. C. Consumption spending must grow faster than the drop in work hours. D. Government spending and tax policy must be altered to stimulate sufficient demand.
The largest part of national income is: # randomize
A. Consumption B. Investment C. Saving D. Transfer payments
The ability of a financial asset to be used to immediately make transactions is called:
A) store of value. B) medium of exchange. C) illiquidity. D) liquidity.