Which of the following is counted in GDP?
A) the value of goods and services produced in the underground economy
B) the cost of a speed boat purchased by drug smugglers
C) the value of do-it-yourself work
D) the value of leisure
Answer: B
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If there are big gains to be had from specialization and trade, countries generally don't produce one good because:
A. no national economy is a perfectly free market. B. consumers prefer a mix of goods and services. C. specialization is not limited by trade agreements. D. there is perfectly free trade between national economies.
________ refers to the ability of sellers to affect market prices
A) Goodwill B) Market hold C) Market power D) Capital adequacy
The selection of a new policy takes place during a period of time known as the _____
a. activity lag b. decision-making lag c. effectiveness lag d. implementation lag e. recognition lag
A tax imposed on the buyers of a good will lower the
a. price paid by buyers and lower the equilibrium quantity. b. price paid by buyers and raise the equilibrium quantity. c. effective price received by sellers and lower the equilibrium quantity. d. effective price received by sellers and raise the equilibrium quantity.