Goods and services such as environmental quality, leisure time, and household production are not included in GDP because they are not
A) productive activities.
B) for consumption.
C) bought in markets.
D) made for profit.
E) really durable goods.
C
Economics
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If the cost of producing a good rises for sellers, then how will this affect the market equilibrium for that good?
a. Price will rise and quantity will fall. b. Price and quantity will both rise. c. Price and quantity will both fall. d. Price will fall and quantity will rise.
Economics
If a major league baseball player would be willing to work for $700,000 per year and is currently being paid $1,200,000 per year, that player is earning an annual economic rent of
A) $700,000. B) $1,900,000. C) $1,200,000. D) $500,000.
Economics