In the computation of GDP, Social Security payments count as
A) transfer payments and are included in GDP.
B) transfer payments and are not included in GDP.
C) government expenditure on goods and services and are included in GDP.
D) government expenditure on goods and services and are not included in GDP.
B
Economics
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Which of the following is an example of an implicit cost a firm might incur?
A) the opportunity cost to investors of the funds invested in the firm B) the wages paid to employees C) utility payments D) the payment for medical insurance coverage
Economics
Refer to Figure 3.1. Which assumption concerning preferences do Alvin's indifference curves violate?
A) Diminishing marginal rates of substitution B) Transitivity of preferences C) More is preferred to less D) Completeness
Economics