Trish grows oregano in her backyard to use in her homemade pesto sauce. How is this gardening included in GDP?
a. It is included in real GDP.
b. It is included in nominal GDP.
c. It is not included in GDP.
d. It is included as an intermediate good.
c
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Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents total income?
A) Arrow A B) Arrow B C) Arrow C D) Arrow D
When you set aside the money you have today in order to purchase goods and services later on, you are using money as a
A) store of value. B) medium of exchange. C) standard of deferred payment. D) unit of accounting.
In general, a "big ticket item" such as a house or new car will
A) tend to have a more inelastic demand the more time that passes. B) tend to have an inelastic demand because spending on the item takes up a large share of the average consumer's budget. C) tend to have an inelastic demand because it has many substitutes. D) tend to have a more elastic demand than a lower-priced good.
A prediction based on rational expectations ________
A) relies solely on past experience B) will always be superior to one based on adaptive expectations C) is based on real, rather than nominal variables D) will not always be accurate