Which of the following would not be included in GDP?
a. the real estate commission on the sale of a used home
b. an attorney's fee for handling the sale of a used home
c. the value of a used home, at its sale price
d. fees paid to have the house cleaned
C
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When an economy produces more houses and fewer typewriters, it is answering the ________ part of one of the two big economic questions
A) "what" B) "how" C) "where" D) "for whom"
Assume you have an income of $200 and you can only purchase two goods – good A and good B
If the price of good A and B are $1 and $2 how much of each good can purchase? Assume that the price of good A falls why would you now consider not only consuming more of good A but also more of good B? What's going on that might cause this behavioral response?
Someone who is underemployed is someone who:
A. is working in a job for which he is overqualified. B. is working part-time, but wants full-time employment. C. could be contributing more output to society by either working more, or by working using more advanced skills he possesses but doesn't currently use. D. All of these describe someone who is underemployed.
If the exchange rate changes from 1500 lire per U.S. dollar to 1000 lire per U.S. dollar, the U.S. dollar has
a. appreciated, since its value has increased b. appreciated, since the price of foreign exchange has increased c. appreciated, making Italian goods cheaper in U.S. dollars d. depreciated, since its value has declined e. depreciated, since its value has increased