Government statisticians adjust GDP figures to include estimates of
A) the value of homemaking (work done within the home).
B) the underground economy.
C) child-rearing services provided by stay-at-home parents.
D) the costs of pollution to society.
B
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Firms
a. are where entrepreneurs combine resources b. are economic units formed by profit-seeking entrepreneurs c. are assumed to try to maximize profit d. reward entrepreneurs with profits, which are sales revenue minus the cost of production e. All of the answers are correct.
Ed thinks he looks good in tweed. Last week he saw a light-brown tweed sports coat at Dessen's Fine Clothing Store and thought that the $200 price tag was about as much as he was willing to pay. Lucky for him, he noticed an ad in the local paper that night that had attached a $20-off coupon for any purchase at Dessen's over $100 . Using the coupon, he bought the coat. He ended up with the coat
and a a. producer surplus of $80 b. producer surplus of $20 c. consumer surplus of $120 d. consumer surplus of $80 e. consumer surplus of $20
Who expressed this view? "Unlike the present period, (black) inner-city communities prior to 1960 exhibited the features of social organization—including a sense of community, positive neighborhood identification, and explicit norms and sanctions against aberrant behavior."
A. Charles Murray B. William Julius Wilson C. Mickey Kaus D. Lisabeth Schorr
Suppose that the prices of dairy products have risen relatively less than prices in general over the last several years. To which problem in the construction of the CPI is this situation most relevant?
a. substitution bias b. introduction of new goods c. unmeasured quality change d. income bias