Which of the following is included in the calculated gross domestic product?
a. Mr. Kelly buys a used lawn mower from his neighbor Mr. Templeton
b. A local ice cream store sells $17,000 worth of cones and sundaes on July 4th.
c. Suzanne buys a love seat and chair for $85 at the yard sale on the corner.
d. Farmer Fred sells his second tractor to his son.
b
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Which of the following is an example of an automatic stabilizer during a recession?
A) A decrease in tax revenue due to an increase in unemployment B) An increase in money supply due to a decrease in bank deposits C) An increase in interest rates due to a decrease in investment D) A decrease in inflation due to an increase in consumption
An organization that brings together the factors of production is called
A) an industry. B) a conglomerate. C) a plant. D) a firm.
A cartel is
a. a group of firms promoting competition. b. most common in monopolistic competition. c. a collusive group of firms. d. no longer possible in our global economy.
Entrepreneurship is
A) the talent for organizing the use of land, labor and capital, among other things. B) skill in influencing government regulators and legislators. C) accumulated technical knowledge in using labor and capital. D) knowledge of the particular natural resources to be found in a given area.