Scott is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. For his wife's birthday, he designs and creates an intricate birdseye maple jewelry box that takes him 15 hours to complete. By how much and in what
direction does GDP change as a result of his efforts?
A) GDP rises by $1,875.
B) GDP is not affected by Scott's production of the jewelry box.
C) GDP rises by $125.
D) GDP falls by $1,875.
Answer: B
Economics
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Based on the figure above, in which quarter or quarters did a trough occur?
A) between 2013, 2nd quarter to 2014, 2nd quarter B) between 2012, 2nd quarter to 2013, 2nd quarter and also between 2014, 2nd quarter to the end of the figure C) in 2013, 2nd quarter D) in 2014, 2nd quarter E) There are no troughs illustrated in the figure.
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The difference between actual reserves and required reserves is
A) net worth. B) excess reserves. C) illegal reserves. D) desired reserves.
Economics