An example of household production excluded from GDP is
A) household cleaning services provided by Merry Maids Incorporated.
B) child care provided by a certified nanny.
C) tree trimming you provide at your parents' home.
D) plumbing work completed by Joe Fix-it.
E) lawn care provided by a local lawn care company.
C
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Price indexes like the CPI are calculated using a base year. The term base year refers to:
a. the first year that price data are available. b. any year in which inflation was higher than 5 percent. c. the most recent year in which the business cycle hit the trough. d. an arbitrarily chosen reference year.
Railroads have received significant attention from regulators because
a. railroads enjoy significant economies of scale. b. conditions in the railroad industry are conducive to destructive competition. c. regulators would like to ensure universal service to all potential railroad customers. d. All of the above are correct.
The concept of opportunity cost is more applicable to society as a whole than it is for an individual household
a. True b. False Indicate whether the statement is true or false
The "invisible hand" concept refers to the:
A. Guiding function of prices in a market system B. Implicit influence that the government has on the actions of firms C. Regulatory structure that markets must operate in D. Underlying money flows that promote the trading of goods and services