Which of the following activities is not counted in our calculations of GDP?
a. the purchase of a hammer for household repairs
b. the labor services of a volunteer group building a home for a poor widow
c. the purchase of new, domestically-produced tires for your old foreign car
d. a haircut received and paid for at a beauty salon
B
You might also like to view...
Refer to the figure above. Which of the following statements are true in this case?
A) P1 is the socially optimal price for Good X. B) P2 is the price of Good X in a free market. C) Q2 is the efficient level of output of Good X. D) Q2 is the quantity supplied of Good X in a free market.
Which of the following is NOT a characteristic or focus of microeconomics?
A) individual consumers. B) analysis of aggregate economic variables C) firm behavior D) individual markets
You may receive a margin call if
A. you have a long (buying) futures position and prices increase. B. you have a long (buying) futures position and prices decrease. C. you have a short (selling) futures position and prices decrease. D. Both A and C.
The demand for a good is inelastic with respect to price if the price elasticity of demand is:
A. greater than one. B. equal to negative one. C. equal to one. D. less than one.