GDP includes
a. the value of goods and services such as soil erosion and deforested landscape
b. the value of all personal property
c. the cleaning-up expenses associated with pollution
d. the value of leisure time
e. the illegal activities related to the underground economy
C
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The collapse of the Bretton Woods system of fixed exchange rates during the 1970s prompted the EC to establish its own system. It was called the:
A) Marshall Plan. B) European Currency Union (ECU). C) European Monetary System (EMS). D) lend-lease plan.
Which of the following provides the best explanation of why money is valuable?
a. Money is valuable because it is indivisible. b. Money is valuable because it is scarce. c. Money is valuable because it is backed by precious metals, primarily gold and silver. d. Money is valuable because it has intrinsic value, independent of its use as a means of exchange.