Which of the following transactions is not counted in? GDP?
A. The U.S. government pays for national defense
B. A business buys new computers for its workers
C. Consumer buys a new house
D. Consumer mows his own lawn.
Ans: D. Consumer mows his own lawn.
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If the quantity supplied increases by 8 percent when the price rises by 2 percent, the price elasticity of supply is ________
A) 10.0 B) 6.0 C) 0.25 D) 16.0 E) 4.0
The U.S. Treasury is responsible for controlling the money supply and interest rates in the economy
Indicate whether the statement is true or false
Suppose the current price and quantity of widgets is p = $50 and Q = 125
The demand for widgets is log-linear and the price elasticity of demand is E = -2. The supply of widgets is perfectly elastic. a. Derive the equations for the demand and supply of widgets. b. What would be the effect on the equilibrium price and quantity if demand were to increase by 500 widgets?
When two nations agree to lower their tariffs against each other, they engage in
a. a customs union b. a free trade union c. geographical specialization d. a reciprocal agreement e. a comparative advantage