Child labor is a widespread problem that applies primarily to children
(a) between the ages of 5 and 14.
(b) between the ages of 10 and 14.
(c) between the ages of 12 and 14.
(d) between the ages of 12 and 16.
A
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If the value of exports equals $6.5 billion and the value of imports equals $8.0 billion in a year, then:
a. together imports and exports add $1.5 billion to the gross domestic product (GDP). b. together exports and imports add $6.5 billion to the gross domestic product (GDP). c. together exports and imports reduce the gross domestic product (GDP) by 1.5 billion. d. together exports and imports reduce the gross domestic product (GDP) by 1.5 billion. e. together exports and imports add nothing to the gross domestic product (GDP).
Which of the following is a macroeconomics topic?
a. Wages of textile workers in the Northeast. b. The cost of producing 10,000 bookcases. c. The economy's annual growth rate. d. National demand for fish. e. Effects of farm subsidies on food prices.
Transfer payments:
A. involve programs such as Social Security and welfare. B. do not show up in GDP. C. are payments from government accounts to individuals for programs that do not involve a purchase of goods or services. D. All of these are true.
Under average-cost pricing, an increase in the monopolist's production cost will:
A. decrease its profit because its profit per unit decreases. B. not affect its profit because the government adjusts the regulated price equal to the average cost. C. increase its profit because the monopolist can reduce the average cost at a greater output level. D. None of these