Which of the following would NOT be included in a nation's Gross Domestic Product (GDP)?
A. A landlord rents an apartment.
B. In a poker game a student wins $500 that he does not report as income.
C. The government purchases 100 new trucks for the Army.
D. The inventory of paper towels goes up.
Answer: B
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Suppose the population is 220 million people, the labor force is 150 million people, the number of people employed is 130 million and the working-age population is 175 million people. What is the unemployment rate?
What will be an ideal response?
A purely competitive seller is:
A. both a "price maker" and a "price taker." B. neither a "price maker" nor a "price taker." C. a "price taker." D. a "price maker."
Suppose that the government signs a international treaty that cuts the amount of carbon emitted into the atmosphere by 50%. In the market for pollution permits, the:
A. supply of permits will increase. B. supply of permits will decrease. C. demand for permits will increase. D. demand for permits will decrease.
A policy in which ________ actively pick(s) industries to support as a base for economic development is known as industrial policy.
A. microfinanciers B. the International Monetary Fund C. the World Bank D. a government