Not including transactions from the underground economy will tend to ________ GDP, and not including environmental changes caused by pollution will tend to ________ GDP
A) undervalue; undervalue B) overvalue; overvalue
C) overvalue; undervalue D) undervalue; overvalue
D
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Suppose wages increase but employment decreases. These changes most likely were caused by
A. a decrease in labor demand. B. an increase in labor supply. C. a decrease in labor supply. D. an increase in labor demand.
The labor force does not include people in the working-age population who are:
A. employed. B. not actively trying to find a job. C. retired, a full-time student, or stay-at-home parent. D. employed part time.
The demand curve facing a firm will be more elastic the
a. fewer the number of competing firms b. more differentiated the product c. more substitutes available d. greater the firm's ability to control price e. more profit the firm makes
Suppose the government wants to spend more. There is no unemployment. Which of the following would be the least inflationary?
A. Increase government expenditures and sell bonds to the Federal Reserve. B. Increase government expenditures and taxes at the same time. C. Increase government expenditures and reduce taxes. D. Increase government expenditures and use money already in the Treasury to finance these expenditures.