GDP accounts systematically ignore
A) non-market production.
B) illegal and underground production.
C) barter trades.
D) the market value of services provided by illegal aliens.
E) all of the above.
E
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Refer to the scenario above. Identify the correct statement
A) Mike should work in the restaurant as well as in the bar. B) John should work in the restaurant as well as in the bar. C) John should specialize in waiting on the customers in the restaurant. D) Mike should specialize in waiting on the customers in the restaurant.
In the above figure, the long-run equilibrium price and output are
A) $10 and 10. B) $10 and 12. C) $7 and 8. D) $8 and 10.
The aggregate demand curve is
A. U Shaped B. Horizontal C. Vertical D. Downward sloping
An economy in which output has decreased and prices have increased would suggest that there has been a:
A. negative demand side shock. B. negative supply side shock. C. positive demand side shock. D. positive supply side shock.