Which of the following is considered a service in the calculation of GDP?
A. Tax preparation.
B. Manufacturing automobiles.
C. Constructing new homes.
D. Manufacturing reclining chairs.
Answer: A
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A variable is a factor that:
A) cannot be measured. B) is not affected by changes in other factors. C) is independent and cannot be determined. D) takes different values at different points of time.
Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports?
A) Q0 B) Q1 C) Q2 D) Q2 - Q0
Each person goes about her daily business seeking to maximize her own self interests. In doing so, she contributes to the welfare of society at large. This is the idea underlying Adam Smith's "invisible hand."
Indicate whether the statement is true or false
The concept of Pareto optimality is a
A) utopian concept. B) useful concept because it guarantees economic equality. C) useful concept because it defines economic efficiency. D) useful concept that carefully balances a society's desires for equality and efficiency.