GDP accounting ignores
A) all non-market forms of production.
B) illegal (black market) production.
C) economic value added.
D) all of the above.
D
Economics
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Suppose that apartments rent for $1,300 a month in San Francisco, California and $850 a month in Los Angeles, California. If the state of California passes a state-wide rent ceiling for apartments of $1,100 a month, what occurs in the two cities?
What will be an ideal response?
Economics
If a seller enjoys a producer surplus of $30 when he sells a good for $79, his reservation value for the good is ________
A) $30 B) $49 C) $79 D) $109
Economics