Goods and services such as environmental quality, leisure time, and household production are not included in GDP because they are not
A) productive activities.
B) for consumption.
C) bought in markets.
D) made for profit.
E) really durable goods.
C
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What is meant by producer surplus? How is producer surplus in a competitive market calculated?
What will be an ideal response?
The multiplier is calculated as the
A) change in autonomous expenditure/ change in real GDP. B) change in real GDP/ change in induced spending. C) change in real GDP/ change in autonomous expenditure. D) change in nominal GDP/ change in autonomous expenditure.
The goal of international economic policy cooperation is to allow for greater flexibility in exchange rates
Indicate whether the statement is true or false
The consumer price index (CPI) _____ inflation because it includes an item in the market basket only after the product becomes _____
a. overstates; unpopular b. overstates; obsolete c. overstates; widely used d. understates; widely used e. understates; obsolete