The service a homeowner performs when she mows her yard is not included in GDP because:
A. This is a nonmarket transaction
B. This is a nonproduction activity
C. This is a noninvestment transaction
D. Multiple counting would be involved
A. This is a nonmarket transaction
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The ________ is calculated as the number of people ________ divided by the labor force multiplied by 100
A) unemployment rate; unemployed B) employment-to-population ratio; unemployed C) employment rate; employed D) employment-to-population ratio; in the working age population
When economists say scarcity, they mean:
a. there are only a limited number of consumers who would be interested in purchasing goods. b. the human desire for goods exceeds the available supply of time, goods and resources. c. most people in poorer countries do not have enough goods. d. goods are so expensive that only the rich can afford it.