Assume that coffee and tea are substitutes. When the price of coffee increases
A) the supply of tea increases.
B) the demand for tea decreases.
C) the demand for tea increases.
D) the supply of tea decreases.
Answer: C) the demand for tea increases.
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Which of the following persons is NOT considered a part of the labor force?
A) Mary, who has a part-time job as a day care specialist B) Lones, an unemployed mechanic looking for a new job C) Jameson, an accountant who has been temporarily laid off during the holiday season D) Desire, a wealthy hedge fund manager who just took early retirement E) Lucy, who works 20 hours a week in her father's restaurant for no pay
Fill in the blank: National income accountants who measure GDP try to avoid the ________ problem by only measuring the market value of all final goods and services produced within a country
A) double trouble B) double indemnity C) double counting D) double jeopardy E) double-your-pleasure