Rita cooked a meal for her family which is worth $100 in the nearest eatery. What will be the impact of this activity on the calculation of GDP? Explain your answer
What will be an ideal response?
This activity will not affect the calculation of GDP since home production is excluded from the calculation of GDP. However, the value of the groceries she needs to cook the meal will be included in the calculation of GDP.
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Which of the following acts makes it a felony for competing businesses to fix prices?
A) the Sherman Act B) the Clayton Act C) the Federal Trade Commission Act D) the Robinson-Patman Act
The marginal benefit of an activity is i. the benefit from a one-unit increase in the activity. ii. the benefit of a small, unimportant activity. iii. measured by what the person is willing to give up to get one additional unit of the activity
A) i only B) ii only C) iii only D) i and iii E) ii and iii
The main proponent of the liberal view of poverty is
A. Charles Murray. B. William Julius Wilson. C. Nicholas Lemann. D. David Rogers.
The total burden of a tax is $12,000 and the tax revenue from this tax is $8,000. The excess burden of this tax is
A. $4,000. B. $8,000. C. $10,000. D. $20,000.