Which of the following is included in the calculation of investment when measuring GDP?
A. changes in business inventories
B. new home construction
C. the purchase of new capital goods
D. all of these
Answer: D
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Which of the following CANNOT be a source of comparative advantage?
A) Climate B) Resource stock available C) Education of workforce D) Domestic prices of goods and services
Which of the following is not a characteristic of most less-developed countries?
a. low per capita income b. political instability c. a high percentage of the population under the age of 15 d. inadequate infrastructure e. high productivity
What is the best definition of quality bias?
a. failure to capture the savings that households enjoy when they change their spending in response to relative price changes b. failure to account for price changes to an item that result from product improvement c. overstating of the prices some buyers actually pay for goods from cheaper retail outlets d. failure to include new products into the Consumer Price Index until they become commonplace
Price discrimination refers to
A. selling a product at different prices, with the price difference being unrelated to differences in marginal cost. B. selling a product at different prices according to the differences in marginal cost of providing it to different consumers. C. charging the same prices to all consumers but selling them different quantities. D. a deliberate effort on the part of a monopoly producer to confuse consumers.