U.S. Gross Domestic Product (GDP) does NOT include which of the following?
A) the value of goods produced in a foreign country by U.S. owned firms
B) the purchase of all final goods and services by U.S. households
C) U.S. exports to other countries
D) business investment in the United States
A
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The monetary base does NOT include
A) currency. B) reserves of depository institutions. C) checking accounts at commercial banks. D) commercial banks' reserves.
Under price leadership
a. the leader must be the dominant firm in the industry b. all firms follow price changes initiated by the leader c. price cuts are followed by other firms in the industry, but price increases are not d. price increases are followed by other firms in the industry, but price cuts are not e. price wars often occur as a result of tit-for-tat strategies
Which of the following was not a typical characteristic of subprime mortgages?
a. low down payments b. loans to borrowers with poor credit histories c. limited incomes with which to make loan payments d. fixed interest rates
The Ogallala aquifer is a large underground pool of fresh water under several western states in the United States. Any farmer with land above the aquifer can at present pump water out of it. We might expect that
a. over time, the aquifer is likely to be overused. b. each farmer has a sufficient incentive to conserve the water. c. state governments have an incentive to insure that their farmers do not overuse the water. d. resources would be used more efficiently if the government paid for the pumps farmers use to get the water.