The sale of financial assets, such as stocks and bonds, is ________.
A. not included in GDP, because they do not increase domestic production
B. not included in GDP, because they do not increase domestic wealth
C. included in GDP, because they increase domestic wealth
D. included in GDP, because they raise domestic production
Answer: A
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Refer to Figure 5-3. With insurance and a third-party payer system, what price do doctors receive for medical services?
A) $40 B) $55 C) $65 D) > $65
The benefits of international trade are derived from trade in
A) tangible goods only. B) intangible goods only. C) goods but not services. D) services but not goods. E) anything of value.
The difference between explicit costs and implicit costs
A) is that explicit costs are opportunity costs while implicit costs are not. B) is that implicit costs are opportunity costs while explicit costs are not. C) is that explicit costs are short-run costs and implicit costs are long-run costs. D) is that explicit costs involve resources that are purchased and implicit costs involve resources the firm already owns.
Economic profits are found by total revenues minus
A) explicit costs. B) explicit and implicit costs. C) implicit costs. D) all opportunity costs.