Which of the following is included in GDP?
A. The value of illegally produced goods
B. The value of housework by a stay-at-home dad
C. The value of volunteer work done at a local homeless shelter
D. The cost of government-provided social services
Answer: D
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Which of the following displays these two characteristics: nonrivalry and nonexcludability?
A) a pure private good B) a pure public good C) a club good D) a common pool resource
Suppose the equilibrium wage rate for apricot pickers is $9.00 per hour in California and at that wage rate the equilibrium quantity of apricot pickers is 14,000. If the minimum wage is set at $7.50 per hour, then the
A) quantity of apricot pickers employed increases. B) quantity of apricot pickers employed decreases. C) quantity of apricot pickers employed does not change. D) wage rate for apricot pickers increases. E) some apricot pickers are unemployed.
Liquidity is the
A) speed with which the price of an asset changes as its intrinsic value changes. B) inverse of the velocity of money. C) same as the velocity of money. D) ease with which an asset can be converted into money.
Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. The United States will import 6 million apples per day if a per-apple tax of ________ is levied on imported apples.
A. 0 cents B. 10 cents C. 20 cents D. 30 cents