Estimates of the values of which of the following non-market goods or services are included in GDP?
a. unpaid housework but not the rental value of owner-occupied homes.
b. the rental value of owner-occupied homes but not unpaid housework.
c. unpaid housework and the rental value of owner-occupied homes.
d. Neither unpaid housework nor the rental value of owner-occupied homes.
b
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Ann Taylor and Gap are two clothing companies that must decide on the leading color palette for next season. Their sales depend on the choice of color they make as well as the choice their competitor makes
Their sales are summarized in the payoff matrix above. Using the payoff matrix A) the only Nash Equilibrium is for both companies to choose pink. B) the only Nash Equilibrium is for both companies to choose orange. C) the Nash Equilibrium is for one company to choose pink while the other company chooses orange. D) there are two Nash Equilibria: either both companies choose pink or both choose orange.
Which of the following is an example of structural unemployment?
A. Alan, a software engineer, lost his job when the internet startup he worked for went bankrupt. He interviewed with five companies in the area before taking a job with another firm in the industry. B. Jim had a job as an engineer, but quit when his wife was transferred to another state. He looked for a month before finding a new job that he liked. C. Marsha was laid off from her job with the airline because the recession has reduced the demand for airline travel. She expects to get her job back when the economy picks up. D. Dora lost her job when the textile factory closed. She does not have skills to work in another industry and has been unemployed for over a year.
Using the above figure, at which price is there neither excess quantity demanded nor excess quantity supplied?
A. P1 B. P2 C. P3 D. none of these
Explain how patents have been beneficial for markets
What will be an ideal response?