GDP excludes important factors that affect people's well-being, such as the value of:
A. leisure time.
B. goods produced domestically but sold to foreigners.
C. services purchased by households.
D. government purchases of goods and services.
Answer: A
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If a society uses the market system, only markets are available to solve all of its problems.
Answer the following statement true (T) or false (F)
A U.S. tariff imposed on items that can be produced more cheaply abroad
A) benefits Americans by making these goods cheaper. B) makes the goods more expensive in foreign markets. C) creates a deadweight loss. D) makes the world market more efficient.
Consider the market for capital equipment. Suppose the value of the marginal product of capital equipment increases. Holding all else constant, the equilibrium quantity of capital equipment will
a. increase. b. decrease. c. not change. d. It is not possible to determine what will happen to the equilibrium quantity of capital equipment.
The recurrent ups and downs in the level of economic activity extending over several years are a description of:
a. A noncyclical fluctuation b. A business cycle c. A business trough d. A recession