Activities that are directly included in GDP accounts include:
A. the value of housework done by householders.
B. the selling of illegal drugs.
C. unreported labor in sweatshops.
D. buying a ticket to a Yankees-Red Sox game on your day off.
Answer: D
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A reduction in current consumption to pay for the investment in capital intended to increase future production is known as the:
A. investment trade-off. B. consumption effect. C. substitution effect. D. income effect.
For many years the U.S. government imposed quotas on cheap, Middle Eastern oil imports. The U.S. consumer consequently paid $3 billion more per year for oil products. A likely rationale for such a policy is
A. people in the oil industry deserved the transfer. B. conservation. C. one cannot be dependent on foreign supplies of so crucial a resource. D. American oil was of higher quality and deserved a higher price.