If a good is produced but not consumed, then:
a. It is not included in GDP or GNP.
b. It is not included in GDP, but it is included in GNP.
c. It is not included in GNP, but it is included in GDP.
d. It enters into gross private domestic investment, which is a part of GDP and GNP.
e. It enters into "passive consumption," which is a part of GDP in the following period.
.D
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A good for which demand decreases when income increases is known as a(n) ________ good
A) normal B) inferior C) substitute D) complementary
Because we face scarcity, every choice involves
A) money. B) the question "what." C) giving up something for nothing. D) an opportunity cost.
If consumption is greater than income, saving must be negative
a. True b. False Indicate whether the statement is true or false
Which of the following statements is NOT true?
A. The United States government ensures that competition flourishes, that information flows freely, and that property rights are protected. B. The price mechanism will work best if there are a enough firms in each industry to ensure that no one firm can influence price. C. Environmental pollution is considered a market failure. D. Everything produced by the public sector is a public good.