Which of the following is a part of GDP?
A. The value of a haircut
B. The value of an old car purchased during a year
C. The value of an existing house sold during a year
D. The value of a homemaker's services
Answer: A
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At the end of the populist cycle, workers are better off than they were before the populist cycle began in terms of real wages and job creation
Indicate whether the statement is true or false
An increase in the real interest rate will increase the
a. current market value of assets yielding income in the future. b. size of the inflationary premium. c. cost of current consumption goods relative to future consumption. d. net present value of $100 to be received one year from now.
Which of the following is likely the best explanation for the state of California's requirement that brake lamp adjusters must be licensed?
A. Improperly adjusted brake lamps pose a serious threat to public safety. B. Brake lamp adjusting is a hard job requiring years of education. C. Almost all states require licensing of brake lamp adjusters. D. The licensing requirement reduces competition and increases wages.
Restaurants catering to both a lunch and dinner trade are likely to mark their prices up above the cost of the food more for dinner than for lunch because
A) the demand is greater at dinner. B) the demand is less at dinner. C) the demand is less elastic at dinner. D) the demand is more elastic at dinner.