GDP excludes the value of intermediate goods because their value is included in the value of final goods
a. True
b. False
Indicate whether the statement is true or false
True
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Discuss the difference between first-best and second-best price regulation. In your answer, you should address why governments regulate markets and the difficulties faced when doing so.
What will be an ideal response?
On a bank's balance sheet, the value of its assets must equal: a. net worth only
b. liabilities only. c. owner's equity. d. the value of its liabilities plus net worth. e. its revenues minus costs.
What is the primary source of higher real wages?
a. labor unions b. the threat of a strike by a union c. increases in productivity d. increases in the supply of money
According to many economists, if wages are _________________, the economy _____________ remove itself from a recessionary gap, and thus ____________ government intervention is needed
A) flexible; can; no B) inflexible; may not; some C) flexible; may not; some D) inflexible; can; no E) a and b