An example of a service counted in this year's GDP is
a. buying shampoo to give your pet a bath
b. cleaning your house
c. trimming your own hair
d. hiring a gardener to weed your garden
e. polishing your friend's car as a friendly gesture
D
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If with a small decrease in the price of a good, the quantity supplied falls to zero, the supply of the good is said to be:
A) unit elastic. B) inelastic. C) perfectly inelastic. D) perfectly elastic.
Along the 45-degree reference line
A) total planned real expenditures = real GDP. B) total planned real expenditures = planned nominal expenditures. C) total planned nominal expenditures = consumption. D) total planned investment spending = planned real expenditures.
As hourly wages have risen in the United States in the twentieth century, the number of hours of labor supplied by most wage workers has
a. fallen. b. stayed roughly constant. c. risen. d. generally risen, but has fallen during periods of recession.
Larger economic benefits from a currency union occur when:
A) there is intense competition between the economies. B) market integration is large, yielding efficiency benefits. C) the central bank acts independently. D) the currency is pegged to the U.S. dollar.