Which of the following illustrates double counting?
A) The total market value of the steel used to produce a car and the total market value of the car itself are summed.
B) The total market value of tennis rackets and the total market value of tennis balls are summed.
C) The total market value of picture frames and the total market value of camera film are summed.
D) The total market value of eyeglasses and the total market value of carpet are summed.
E) b and c
A
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Which figure above shows the effect of an increase in the cost of the tomato sauce used to produce pizza?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure B and Figure C
According to empirical evidence
A) providing international aid to developing nations stimulates economic growth. B) providing international aid to developing nations does not have a positive effect on economic growth. C) international trade stimulates economic growth in richer nations, but actually slows economic growth in developing economies. D) international trade stimulates economic growth in developing economies, but actually slows economic growth in richer nations.
When the benefit of another hour of work is greater than the opportunity cost, we would expect the worker to work:
A. another hour. B. an hour less. C. exactly that amount. D. Cannot be determined without more information.
A consumption good that would be counted in GDP would be a:
A. new bicycle. B. vintagebottle of wine purchased at an auction. C. washing machine purchased at a garage sale. D. A newly issued stock.