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Author Question: As measured, GDP omits which of the following? i. Illegal sales of goods and services ii. Changes in ... (Read 15 times)

jc611

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on: Jun 29, 2018
As measured, GDP omits which of the following? i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services
 
  A) i only
  B) i and ii
  C) ii and iii
  D) i and iii
  E) i, ii, and iii

Question 2

Mike went to a shop to buy a pair of gloves. Who will have a higher bargaining power if the seller knows that Mike needs the gloves urgently?
 
  What will be an ideal response?


irishcancer18

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Reply #1 on: Jun 29, 2018
Answer to Question 1

E

Answer to Question 2

The seller will have a higher bargaining power if he knows that Mike needs the gloves urgently. This is because he knows he can get away with charging a higher price because Mike does not have the time to check for other deals available in the market.


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