All of the following are components of the expenditure approach to measuring GDP EXCEPT
A) Shaniq's purchase of a meal at the Olive Garden in Atlanta.
B) a Senator from Iowa being paid the monthly salary.
C) the army buying new M1 Abram tanks.
D) Ford Motor Company buying new Dell computers for use in its marketing department in Dearborn, Michigan.
B
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When deriving the production possibilities curve, it is assumed that
A) the amount of each good that is to be produced is fixed. B) the prices of resources are fixed along the curve. C) most resources can be used to produce only one good. D) resources are efficiently used.
Some economists argue that changes in U.S. trade flows have altered the gap between wages of skilled and unskilled workers. Explain
An assumption of economists' standard theory of choice is that:
A. preferences are given and are not shaped by society. B. individuals maximize marginal utility. C. it is costly for a consumer to make optimal choices. D. individuals use rules of thumb to make decisions.
The permanent income hypothesis is associated with
a. John M. Keynes b. James Duesenberry c. Franco Modigliani d. Adam Smith e. Milton Friedman