Which of the following is included in ghana GDP?# randomize
A. the sale of a new car from manufacturer’s inventory.
B. The purchase of watch from Swiss company.
C. The sale of a used car.
D. A newly constructed house.
Answer: A. the sale of a new car from manufacturer’s inventory.
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Refer to Figure 2-6. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?
A) 6 thousand hammers B) 30 thousand wrenches C) 23 thousand hammers D) 8 thousand wrenches
A risk-averse individual is offered a gamble that promises a gain of $1000 with probability 0.25 and a loss of $300 with probability 0.75 . Given this situation, he or she will:
a. definitely take the gamble. b. definitely not take the gamble. c. definitely take the gamble if his or her income is high enough. d. take an action that cannot be determined given the information available.
When two or more nations engage in an exchange of goods, this is known as
a. international trade. b. interstate commerce. c. free trade. d. intrastate commerce. e. outsourcing.
The general set of rights to own private property and exchange goods, services, and financial assets with minimal government interference is defined as
A. economic privilege. B. market socialism. C. economic freedom. D. capitalism.