Which of the following is a measure of standard of living that is not included in GDP?
a. recreation and travel
b. literacy level
c. medical expenses
d. college tuition
b. literacy level
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Fred and Barney fill egg cartons with eggs. Fred just started the job and can fill only 25 cartons an hour. Barney has significant on-the-job experience and can fill 50 cartons an hour. Both Fred and Barney work 50 hours a week. Fred's average weekly productivity is ________ cartons; Barney's average weekly productivity is ________ cartons; and as a team their average weekly productivity is ________ cartons.
A. 25; 50; 37.5 B. 1,000; 2,000; 1,500 C. 1,250; 2,500; 1,875 D. 25; 50; 75
(Consider This) Violin strings made from sheep intestines were first called "catgut" because:
A. at the time it was thought to be extremely unlucky to kill sheep. B. the inventor wanted to establish a legally protected brand name. C. the inventor wanted to preserve his trade secret. D. the inventor thought that "catgut" would sound less offensive to buyers than "sheep intestines."
The value of the balanced-budget multiplier is
A. 1. B. greater than 1. C. greater than 0 but less than 1. D. 0.
The falling phase of a business cycle measured by a decrease in real GDP is called:
A) hyperinflation. B) expansion. C) recession. D) peak.