An example of a good or service that would not count in the U.S. GDP would be:
A. a t-shirt made by Organi-tee in Oregon.
B. a t-shirt made by The Gap in Cambodia.
C. a bottle of water made by Poland Springs in Maine.
D. a TV made by Toshiba in Georgia.
Answer: B
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How does the market for inputs like labor differ from the market for goods and services?
What will be an ideal response?
A four-firm concentration ratio measures
A) the price elasticity of demand in an industry. B) the price elasticity of demand among the four largest firms in an industry. C) the extent to which industry sales are concentrated among the four largest firms in the industry. D) the number of firms in an industry.
Which of the goals pursued by policymakers in an open economy is desirable because can help reduce the volatility of economic activity?
A) exchange-rate stability B) monetary policy independence C) free capital flows D) appreciation of the domestic currency
A positive economic statement is:
a. an opinion of an action that should be taken. b. an action that will have a positive effect on the economy. c. a statement testable by facts. d. a claim that the speaker is positive will occur. e. always a microeconomic position.