Which does not contribute directly to the production of the domestic output of an economy?

A. A full-time student.
B. An insurance agent.
C. A soldier.
D. A police officer.


Answer: A

Economics

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Two factories make wooden chairs. If the workers in factory A make each chair from start to finish and the workers in factory B divide labor, one would assume

A) the chairs in factory A are of higher quality. B) the workers in factory B have more job satisfaction. C) factory B can take advantage of division of labor and produce more efficiently. D) factory A can take advantage of division of labor and produce more efficiently.

Economics

A change in government purchases has the greatest effect on the economy in the short run when _____. a. the aggregate demand curve is relatively flat

b. the aggregate demand curve is relatively steep. c. the short-run aggregate supply curve is relatively flat. d. the aggregate demand curve is vertical. e. the short-run aggregate supply curve is vertical.

Economics

Suppose an economy operates at a real GDP level of $855, where saving = $400; investment = $95; government spending = $365; taxes = $130; imports = $210; exports = $170 . Which of the following statements is true in the light of the given information?

a. Aggregate expenditures will fall, because total injections exceed total leakages by $110. b. Real GDP will increase, because total injections are less than $855. c. The economy will be in equilibrium, because leakages equal injections. d. Real GDP will fall, because total leakages exceed total injections by $110. e. Inventories will rise, because planned saving exceeds planned investment.

Economics

Economic surplus is another term for which of the following?

a. efficiency b. consumer surplus c. social surplus d. deadweight loss

Economics