The demand for cars in a certain country is given by: D = 20,000 - P, where P is the price of a car. Supply by domestic car producers is: S = 5,000 + 0.5. If this economy is open to trade, and the world price of a car is $6,000, and the government imposes a quota allowing 3,000 cars to be imported, then domestic price of the car will be ________.

Which of the following is a shortcoming of GDP?

a. GDP excludes changes in inventories. b. GDP includes an estimate of illegal transactions. c. GDP excludes nonmarket transactions. d. GDP excludes business investment spending.

Given that the median male is better paid than the median female, which of the following is a valid explanation for wage differences?

a. compensating differentials b. differences in human capital c. discrimination d. All of the above can be a partial explanation.