A manufacturer produces 1 million televisions in the first quarter of the year. It sells 900,000 of them before the end of the first quarter, and holds the others in its warehouse. How will the 100,000 unsold televisions be treated in the GDP statistics?
a. Since the televisions eventually will be bought by consumers, they will be included as consumption in the first quarter.
b. Since the televisions were not purchased in the first quarter, they will be counted as an increase in second-quarter GDP.
c. The televisions will be counted as a change in inventory in the first quarter and so will be included in first-quarter GDP.
d. The televisions will be counted as a change in inventory in the first quarter, and when sold in the second quarter will raise second-quarter GDP.
c
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What is the most accurate description of skilled and unskilled workers if labor supply curves are not perfectly inelastic (perfectly vertical)?
a. If the two types are complements, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers. b. If the two types are substitutes, then the increases in immigration during the late 1800s would have increased the quantity and wages of skilled workers and decreased the wages of unskilled workers. c. If the two types are complements, then the increases in immigration during the late 1800s would have increased wages of skilled workers, decreased the number of skilled workers, and decreased the wages of unskilled workers.
Which of the following statements about the "separate but equal" provision of Plessy v. Ferguson is MOST accurate?
a. resulted in African-American schools that were comparable to white schools. b. resulted in African-American schools that were preferable to white schools in the South. c. did not seriously hamper the labor market experience of African-Americans. d. led to the creation of African-American schools that were systematically under funded.
Which of the following is a reason to study economics?
A. Economic analysis explains daily events. B. It helps us understand why people, firms and government behave in a certain way. C. We need to understand relevant economic applications and policy issues. D. It provides useful logic for solving complex problems. E. All of these
The price mechanism is:
A. affected by both political and social forces. B. affected by political but not social forces. C. affected by social but not political forces. D. not affected by social and political forces.