The export of wheat will be included in the calculation of GDP using the ________ method
A) income B) expenditure C) investment D) production
B
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Which of the following is a likely consequence of a fall in private investment?
A) Mortgage defaults fall. B) Asset prices rise. C) Labor supply falls. D) Consumption falls.
Which of the following is an example of a variable cost to a typical firm?
a. labor b. mortgage payment on facility c. salary of the office assistant d. monthly mortgage premiums
According to public choice theory, a more democratic country:
A) can eliminate rational ignorance so that politicians can focus on policies that promote economic growth. B) have a higher living standard without policies to promote economic growth. C) will have more policies that promote economic growth because it has a larger share of population that is brought into power. D) will have more policies that promote economic growth because a small elite is more efficient in making policy decisions.
Suppose you have three choices-go to a movie, read a book, or sleep. You choose to go to a movie. The opportunity cost of the movie is
A. the value of sleeping which you enjoy the least. B. the value of the book not read. C. the value of the concert that you didn't attend. D. the value of the activity that you would have selected if you hadn't gone to the movie.