In a competitive economy, the questions of what, how, and for whom to produce tend to be regulated by
A. the government.
B. businessmen.
C. the price system.
D. workers.
Answer: C
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The quantity theory of money:
A) assumes that the ratio of money supply to nominal GDP decreases over time. B) assumes that the ratio of money supply to nominal GDP increases over time. C) is a representation of how a change in money supply affects the price level in an economy. D) is an exact representation of how the economy behaves in the long-run.
Rachel babysits for her sister for no pay. When she babysits for someone else she charges $8 an hour. When is Rachel's babysitting included in GDP?
a. When she babysits for her sister and when she babysits for someone else. b. When she babysits for her sister, but not when she babysits for someone else. c. When she babysits for someone else, but not when she babysits for her sister. d. Neither when she babysits for her sister nor for someone else.
The type of unemployment most likely to be experienced by a touring professional golfer is: a. frictional unemployment
b. structural unemployment. c. seasonal unemployment. d. cyclical unemployment. e. discouraged-worker unemployment.
A good is considered nonrival-in-consumption if
a. many individuals can share in the consumption of the same unit of the good. b. the consumption of the good by one individual lowers the amount available for others. c. even nonpaying customers can receive the full benefit from the good. d. its production is financed through tax revenue rather than market prices.