Which of the following is NOT part of GDP calculated using the expenditure approach?
A) General Motors' purchases of new capital equipment
B) expenditures by the federal government for national defense
C) Social Security payments made to the elderly
D) the purchase of new homes by consumers
C
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Which graph in the above figure represents the isoquants where, as the amount of labor used increases and the amount of capital used decreases, the marginal product of labor rises
(units of capital per day is on the vertical axis and units of labor per day is on the horizontal axis)? A) Graph A B) Graph B C) Graph C D) Graph D
Consider the following: The relative price of hamburgers this year has
A) increased. B) decreased. C) stayed the same. D) Not enough information has been given to calculate an answer.
Which of the following countries went through a financial crisis in 1997?
a. Russia b. Canada c. Italy d. India e. Korea
Which would be the most accurate statement?
A. Liberals all agree that if we could provide a job for every American who needs one, we could end nearly all poverty within a generation. B. Barbara Ehrenreich and Frances Fox Piven point out that an increasing number of jobs do not pay enough to subsist on. C. Lisabeth and Daniel Schorr believe that poor teenage girls allow themselves to get pregnant so that they could go on welfare. D. Charles Murray faults our economic system for not providing enough well-paying jobs, which, in turn, has led to widespread poverty.