Which of the following activities is most likely to be counted in GDP?
A. Gail buys paper and crayons to donate to poor children in need of school supplies.
B. Fran volunteers at the local veteran's hospital twice a month.
C. Stu gave $5 to a homeless man he met in the park.
D. Bud works hard five hours each week to make sure that his lawn always looks nice.
Answer: A
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Adverse selection happens because
a. One of the parties has more information about itself then the other party b. Individuals that the principle want to least select are the ones more likely to apply c. Parties most likely to accept an offer would be least qualified d. All of the above
One cost associated with taxes is the: A redistribution of surplus.
A. redistribution of surplus. B. resulting under consumption. C. administrative burden. D. change in relative values.
Mike can wash a car in 5 minutes and wax a car in 15 minutes. Tony can wash a car in 10 minutes and wax a car in 20 minutes. Which of the following is true?
a. Mike can wash a car faster and has comparative advantage in washing cars. b. Mike can wax a car faster and has comparative advantage in waxing cars. c. Tony can wash a car faster and has comparative advantage in washing cars. d. Tony can wax a car faster and has comparative advantage in waxing cars.
A local utility is an example of
A. perfect competition. B. oligopoly. C. monopoly. D. monopolistic competition.