Per capita real GDP is obtained by dividing real GDP by the number of people active in the labor force
a. True
b. False
Indicate whether the statement is true or false
False
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When calculating GDP, purchases of used goods are
A) included at the original price. B) included by taking the original price and subtracting the (current) used price. C) included at the (current) used price. D) not included. E) included at the original price minus any depreciation.
One consequence of rent ceilings set below the equilibrium rent is that
A) a surplus of housing units develops. B) renters are no longer exploited by landlords. C) it makes the long-run housing supply more elastic. D) search costs for housing increase.
Crowding out suggests that debt promotes overconsumption
Indicate whether the statement is true or false
During pledge week your local public television station asks viewers to contribute to the station. People who watch public television but do not contribute are:
A. free-riding. B. engaged in moral hazard. C. those who do not value public television. D. causing adverse selection.