Which of the following accurately describes an effect of Hurricane Harvey on GDP?
A) GDP would decrease reflecting the costs of cleanup.
B) GDP would increase reflecting the costs of cleanup.
C) GDP would increase reflecting the decrease in production that occurred during the storm and the productive capacity lost in the storm.
D) GDP would increase well-being.
Answer: B
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At one point along a PPF, 10 pizzas and 7 sandwiches can be produced. At another point along the same PPF, 9 pizzas and 10 sandwiches can be produced. The opportunity cost of a pizza between these points is ________ per pizza
A) 7/10 of a sandwich B) 10/7 of a sandwich C) 1/3 of a sandwich D) 3 sandwiches
Assume the asset market is always in equilibrium. Therefore a fall in Y would result in
A) higher inflation abroad. B) a decreased demand for domestic products. C) a contraction of the money supply. D) a depreciation of the home currency. E) an appreciation of the home currency.
What type of technology can reduce the amount of externality generated for a given rat eof output by altering the production process?
a. marginal technology b. variable technology c. fixed production technology d. cutting edge technology
The theory of internal wage structure predicts that worker pay will come closest to the value of their marginal product if
A. they work in an environment that has intensive workplace interaction. B. their work allows them to do most of their work at home. C. the worker is a research chemist rather than a real estate sales agent. D. they work at a job that is unskilled.