The sale of a used automobile would not be included in the GDP for the current year because it is a:
A. nonmarket transaction.
B. public transfer payment.
C. noninvestment transaction.
D. nonproduction transaction.
Answer: D
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Table 7-5 Stereos produced 0 1 2 3 4 5 6 Total cost (in $) 200 325 410 475 550 660 825 Table 7-5 shows short-run total cost figures for a stereo manufacturer. At what output level does short-run average variable cost reach a minimum?
A. 2 B. 3 C. 4 D. 5
Typically, central banks increase the supply of money by ________
A) buying bonds from banks B) printing currency C) directing the government to issue more money to banks D) all of the above E) none of the above
Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small amount
a. True b. False Indicate whether the statement is true or false
In the simple quantity theory of money, Real GDP and velocity are assumed to be constant
Indicate whether the statement is true or false