When measuring GDP, economists count only the values of final goods and services because
a. the final value is taxable
b. adding the values of intermediate products is too difficult a task
c. the value of all intermediate products is automatically included in the value of those final goods
d. intermediate products are overpriced
e. the final cost is the selling price, which is what economists want to know
C
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When you hire a company to paint your house, you cannot be sure of the quality of paint that was used. This situation is an example of
a. moral hazard. b. the adverse selection problem. c. the market for lemons. d. the principal-agent problem.
In which countries are incomes distributed most unequally and least unequally?
What will be an ideal response?
In the market for eggs, a removal of the price ceiling on eggs results in:
a. an increase in the demand for eggs. b. farmers supplying more eggs to the market. c. consumers demanding a larger quantity of eggs. d. farmers supplying less eggs to the market. e. consumers demanding a smaller quantity of eggs.
A landlord named Jack chooses not to rent to a family because their income is below $30,000 per year. Considering this, Jack most likely ______.
a. will raise the rent to attract high income families. b. dislikes renting to large families c. has a well-maintained apartment building d. owns rent-controlled apartments