Which of the following items is NOT included in GDP?
A. sale of Microsoft security stock
B. sales at a grocery store
C. purchase of a hamburger at a fast-food restaurant
D. downloads of iTunes music charged to a credit card
Answer: A
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Refer to the above figure. Point C is known as
A) a peak. B) a trough. C) an expansion. D) a contraction.
The Invisible Hand Principle suggests that
a. market prices direct individuals to produce more goods. b. individuals pursuing their own interests detract from the economic well-being of society. c. there should be stronger governmental initiatives to ensure cooperation for the betterment of society. d. market forces tend to channel the actions of self-interested individuals into activities that promote the general betterment of society.
Which of the following require firms to pay to pollute? (i) corrective taxes (ii) tradable pollution permits (iii) pollution regulations
a. (i) only b. both (i) and (ii) c. (iii) only d. both (ii) and (iii)
In the balance of payments, any transaction that leads to a receipt by a resident of a country or its government is a(n)
A) asset. B) minus item. C) deficit item. D) surplus item.