Which of the following is included in determining Gross Domestic Product?
A. a housewife preparing dinner
B. a gardener canning vegetables for consumption during the winter
C. the purchase of a newly built house
D. the purchase of a used car
Answer: C
Economics
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The firms in an oligopoly market structure agree to collude because:
a. it helps them to earn more profits. b. each firm wants to know the strategy of its rivals. c. each firm wants to charge a lower price for its product than its rivals. d. the firms want to maintain a healthy relationship with each other. e. it helps them to enjoy economies of scale.
Economics
How many U.S. dollars does a U.S. importer need to pay for 100,000 yen worth of stereo equipment when the price of 1 yen is $0.008?
a. $125 million b. $1.25 million c. $80,000 d. $1,250 e. $800
Economics