Educational services provided by public schools are:
A. excluded from GDP because they are intermediate goods.
B. included in GDP at market prices.
C. excluded from GDP because they are not sold in markets.
D. included in GDP at cost.
Answer: D
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The classical economists attacked the mercantilist propositions that
a. state action was necessary to direct the capitalist system. b. money had no intrinsic value. c. output was completely supply-determined. d. the wealth of a nation was closely linked to the country's stock of precious metals. e. Both a and d
Suzie Homemaker works in her home as a full-time caretaker and homemaker. Officially, she is: a. employed
b. unemployed. c. not in the labor force. d. a discouraged worker.
All students should go on to college.
A. True B. False C. Uncertain
The standard of living is often measured by:
a) Real GDP per capita b) Real GDP c) Real GDP * population d) Real GDP plus depreciation