Estimates of the values of which of the following non-market goods or services are included in GDP?
a. the value of unpaid housework
b. the value of services provided by major household appliances purchased in a previous period
c. the estimated rental value of owner-occupied homes
d. All of the above are included in GDP.
c
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Which of the following could have led to the shifts illustrated in the figure above?
i. The U.S. exchange rate was expected to depreciate between 2001 and 2009. ii. The U.S. exchange rate was expected to appreciate between 2001 and 2009. iii. The U.S. interest rate rose relative to interest rates in other countries between 2001 and 2009. A) i only B) ii only C) iii only D) i and iii E) ii and iii
Which of the following represents a normative statement? a. A decrease in price leads to an increase in quantity demanded
b. The study of economics is more important than the study of history. c. People will buy less butter at $1.50 per pound then they will at $1.00 per pound. d. As an economy develops, the nation's birth rate tends to fall.