The value of unpaid work by a homemaker ________ included in GDP and the value of housekeeping services sold in a market ________ included in GDP.
A. is not; is
B. is; is
C. is not; is not
D. is; is not
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. In the principal-agent problem, assigning full liability to the agent gives no incentive for the principal to avoid damages. 2. Transaction costs arise when property rights are nonexistent. 3. If all parties can enter into negotiations, social optimum is achieved with or without a Pigou tax. 4. A free-rider problem occurs when people can share in the benefits of an activity without being forced to contribute to its costs. 5. Court decision involving torts are irrelevant to social welfare.
Non-activists believe that the IS curve is
A) very flat and that real output is sometimes very sensitive to monetary policy in the short run. B) very steep and that real output is sometimes very sensitive to monetary policy in the short run. C) very flat and that real output is not sensitive to monetary policy in the short run. D) very steep.
Which factor of production accounts for the highest percentage of the income that the production process generates in the US?
a. Capital b. Natural Resource c. Land d. Labor
The supply of money increases when the public buys government securities from commercial banks.
Answer the following statement true (T) or false (F)