In recent years, people have benefited from greater amounts of leisure time. This trend:
A. has caused GDP to rise.
B. has caused GDP to fall.
C. made GDP fluctuate randomly.
D. is not accounted for in GDP.
Answer: D
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A monopsony is a term used to refer to a firm that is the sole seller of a good or service
Indicate whether the statement is true or false
The strongest point in the case against activism is that
A) so many segments of private aggregate demand are unstable. B) activist policy, even if desirable, is too difficult to perform well enough. C) private aggregate demand is basically stable. D) policy rules for targets have been proven by the record of the Fed in the 1980s and 1990s to be perfectly feasible.
For the following questions, suppose an economy produces only pens and pencils, and that the quantity and price data is given by this table
pens pencils Year 1 quantity 15 10 Year 1 price $12 $12 Year 2 quantity 17 12 Year 2 price $14 $15 What is the real GDP in year 2 using base year 1? A) $418 B) $300. C) $360. D) $338.
Which of the following would NOT be included in a nation's Gross Domestic Product (GDP)?
A. A landlord rents an apartment. B. In a poker game a student wins $500 that he does not report as income. C. The government purchases 100 new trucks for the Army. D. The inventory of paper towels goes up.