Computation of gross domestic product by the expenditure method would include the purchase of:
A. a school building by the U.S. Department of Education.
B. fertilizer by a farmer.
C. government bonds by a commercial bank.
D. cement by a construction company.
Answer: A
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Most regional trade and WTO agreements practice
A) the harmonization standards only. B) separate standards only. C) mutual recognition standards only. D) a combination of harmonization, mutual recognition, and separate standards. E) only the standards set out by the WTO.
DSL and broadband internet service would be considered an example of:
A) substitute goods. B) giffen goods. C) inferior goods. D) complementary goods.
Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. What factors of demand and/or supply are affected by the changing price of oil?
A. Price of related good, expectations of future B. Price of related good, price of input C. Price of input, income D. Price of input, number of buyers
In the Cournot model, each firm assumes that its rival will ____ its output when the firm adjusts its own output. Which word best completes the sentence?
a. increase b. not change c. decrease d. adjust