Which of the following is counted in GDP?
A. The cost of the reconstruction and cleanup following September 11, 2001
B. The value of leisure time
C. The value of a househusband’s work at home
D. The value of your do-it-yourself work
Answer: A
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In the money market, if the quantity of money supplied exceeds the quantity of money demanded, the nominal interest rate will ________ and the prices of assets will ________
A) fall; increase B) rise; increase C) fall; decrease D) rise; decrease E) fall; not change
If the stock of physical capital (that is machinery, equipment, etc.) and human capital remain the same and the population increases, then
A) labor productivity will increase. B) labor productivity will decrease. C) the standard of living will increase. D) the new labor will be more productive. E) real GDP decreases.
Rate of return regulation is equivalent to
A) average cost pricing rule. B) marginal cost pricing rule. C) maximizing consumer surplus. D) maximizing producer surplus.
Monopolistic competition describes a situation where: a. a few firms produce a standardized product
b. a large number of firms produce differentiated products. c. a few firms produce differentiated products. d. there are substantial barriers to entry.