As measured, GDP omits which of the following? i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services
A) i only
B) i and ii
C) ii and iii
D) i and iii
E) i, ii, and iii
E
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If an economy's growth rate of real GDP is 3 percent per year and the growth rate of the population is 2.5 percent per year, the growth rate of real GDP per person is
A) 3 - 2.5 = 0.5 percent per year. B) 3 + 2.5 = 5.5 percent per year. C) 2.5 - 3 = -0.5 percent per year. D) [(3 - 2.5 ) ÷ 2.5] × 100 = 20 percent per year. E) [(2.5 - 3 ) ÷ 3] × 100 = 16.6 percent per year.
In the short run, certain costs, such as rent on land and equipment, must be paid whether or not any output is produced. These are:
a. the firm's variable costs. b. the firm's break-even costs. c. the firm's sunk costs. d. the firm's marginal costs. e. the firm's fixed costs.
When setting prices, the monopolist may choose to charge alternative customers different prices based on: a. geographical location. b. age
c. income. d. all of the above
As the interest rate increases, the opportunity cost of waiting to receive a future amount:
A. increases. B. remains the same. C. decreases. D. may rise or fall.