Which of the following would be counted in the calculation of GDP?
a. the sale of a rare, old coin to a coin collector
b. the damage to a house caused by a hurricane
c. the brokerage commission from the sale of 100 shares of Microsoft stock
d. the sale of cocaine in the black market
C
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Government policies such as price controls, rent controls, and quantity restrictions have the effect of
A) promoting the attainment of an unhindered market equilibrium. B) allowing quantity demanded to adjust to equality with aggregate supply. C) creating excess quantities demanded or excess quantities supplied. D) pushing prices to market clearing levels more rapidly than private market forces.
The official policy of Lolita’s government is that while some consumption is good, a significant percentage of a person’s earnings should be saved. Why is this policy good for economic growth?
a. It prevents money from leaving the country. b. It reduces consumption of scarce natural resources. c. Saving is a form of human capital. d. Saving leads to more investment and capital formation.
Which country has the highest per capita health care expenditures in the world?
A) Canada
B) France
C) United States
D) Japan
A country’s comparative advantage can be illustrated by the graph of the production possibilities frontier.
Answer the following statement true (T) or false (F)