Which of the following would not be included in the calculation of GDP?
A. Income earned by a CPA.
B. Tips earned by a bartender who does not report them to the IRS.
C. Contract work performed by an electrician.
D. Income earned by an attorney.
Answer: B
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Everything else equal, if the dollar appreciates against the peso:
A) U.S. will export more to Mexico and will import less from Mexico. B) U.S. exports to Mexico and imports from Mexico will decrease. C) U.S. exports to Mexico and imports from Mexico will increase. D) U.S. will import more from Mexico and will export less to Mexico.
Which of the following is NOT an effect from a change in the federal funds rate?
A) change in the real interest rate B) change in investment C) change in government expenditures D) change in aggregate demand E) change in the quantity of money
Tesla Motors manufacturers its cars at a plant in Fremont, California
At this plant, Tesla is able to take advantage of the high level of technical training possessed by its American workers, but it also sacrifices the ability to pay lower wages had it chosen to open its plant in a low-wage country such as Mexico, India, or China. In deciding to open the Fremont plant, Tesla A) eroded some of its competitiveness in the luxury electric car market because of its increased cost of production. B) faced a trade-off between higher cost and lower precision. C) faced no trade-offs because employing more technically-skilled workers increased efficiency. D) adopted a negative technological change because it chose high-skilled workers over low-paid workers.
Suppose the labor force stays constant, and the working-age population stays constant, but a greater number of persons who were unemployed become employed. The labor force participation rate will
A) increase. B) remain constant. C) decrease. D) not change in a way that can be predicted.