The measurement of GDP includes
A. the benefits of clean air and water.
B. nonmarket goods such as homemaking and child-rearing.
C. purchases and sales of goods produced in previous periods.
D. estimated values of activity in the underground economy.
Answer: D
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In general, banks make profits by selling ________ liabilities and buying ________ assets
A) long-term; shorter-term B) short-term; longer-term C) illiquid; liquid D) risky; risk-free
An example of a sunk cost would be:
A. the cost of a movie ticket once you've started watching the movie. B. the value of a lift ticket once you've started skiing. C. the admission fee you paid to enter a national park. D. All of these are examples of sunk costs.
In which market structure model(s) is product differentiation a significant feature?
a. Perfect competition b. Monopolistic competition c. Monopoly d. Oligopoly e. Both perfect competition and monopolistic competition