The service a homeowner performs when she mows her yard is not included in GDP because ________.
A. multiple counting would be involved
B. this is a noninvestment transaction
C. this is a nonproduction activity
D. this is a nonmarket transaction
Answer: D
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Market failures include all of the following EXCEPT
A) equalization of quantity supplied and quantity demanded. B) public goods. C) positive externalities. D) negative externalities.
Answer the following questions true (T) or false (F)
1. A complete circular flow of the economy includes both the government sector and the financial markets. 2. Net exports of goods and services is equal to imports minus exports. 3. If personal income is equal to $3,000 and consumers spend $3,600, the level of savings in the economy would $600.
Approximately how many workers are employed in the U.S. health care industry?
A. 850,000. B. 925,000. C. 5.8 million. D. 17 million.
A market comprised of only two firms is called a
A) competitive market. B) duopoly. C) monopoly. D) monopolistically competitive market.