Which of the following transactions would enter directly into the determination of GDP?
a. a bicycle you purchased at a garage sale
b. the retirement check your uncle received for spending 25 years in the Marine Corps
c. the DVD player you purchased from Best Buy
d. the five shares of Microsoft stock your grandparents gave you for making an A in economics
C
You might also like to view...
The quantity theory of money assumes a constant ratio of ________
A) money demand to money supply B) money supply to nominal GDP C) money supply to real GDP D) real GDP to nominal GDP
A competitive firm's total revenue minus its total opportunity cost equals its ________
A) marginal revenue B) economic profit C) opportunity cost D) normal profit
Refer to Figure 16-1. What is the price charged under perfect price discrimination?
A) P3 B) P4 C) a range of prices corresponding to the demand curve from P3 and above D) a range of prices corresponding to the demand curve from P4 and above
Congress has divided the authority to police mergers between the Antitrust Division of the U.S. Department of Justice (AD) and the Federal Trade Commission (FTC). How is this authority divided?
A) The AD always renders its opinion on any proposed merger first. If the AD approves the merger, the case then goes to the FTC for final approval. If the AD disallows the merger, the decision stands and the FTC does not become involved. B) Both the AD and the FTC are responsible for merger policy. C) The AD establishes the guidelines that are used to evaluate proposed mergers; the FTC uses these guidelines to decide whether a proposed merger will be allowed to take place. D) The AD decides whether proposed horizontal mergers will be challenged; the FTC decides whether proposed vertical mergers will be challenged.