Texas requires drivers to carry automobile collision insurance. Texas views this type of insurance as a
a. merit good
b. public good
c. nonrival good
d. nonexcludable good
e. voluntary good
A
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Which of the following transactions would count in GDP?
a. Kerry buys a new sweater to wear this winter. b. Patricia receives a Social Security check. c. Roberto gives his daughter $50 for her birthday. d. Latika sells $1,000 of Google stock. e. Karen buys a new car. f. Amy buys a used car.
The best time for a business to purchase new equipment is when
A. interest rates are low. B. consumer demand decreases. C. job growth declines. D. the gross domestic product falls.
A nation whose labor market is highly integrated with other nations in a currency union is more ______ to join because ______.
A) unlikely; workers would suffer real wage declines if they have competition from foreign workers B) unlikely; firms would find it expensive to hire workers if they have to pay in the common currency C) likely; labor market integration means that when there are asymmetric demand shocks the adjustment can be eased by migration of workers D) likely; labor force rules and policies can be harmonized more easily
The distances from Paris, France, to Frankfurt, Germany; Stockholm, Sweden; and Oslo, Norway, are about 400 miles, 450 miles, and 500 miles, respectively. Would you expect French trade to be greatest with Germany, Sweden, or Norway?
a. Germany b. Sweden c. Norway d. Equal volumes of trade would be expected with each country.