Which of the following items is included in the calculation of GDP?
a. Purchase of 100 shares of Microsoft stock.
b. Purchase of a used car.
c. Sale of Gulf War military surplus.
d. None of these choices would be included.
e. The value of a homemaker's services.
d
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Which of the following is a NOT a tool the Fed uses to change the money supply?
a. The tax rate b. The reserve ratio c. Open market operations d. The discount ratee
Why might a nation that has an absolute advantage in the production of a good or a service still not be able to find a trading partner?
What will be an ideal response?
Which of the following statements about economic resources is false?
A) Economic resources include financial capital and money. B) Economic resources are also called factors of production. C) Economic resources are used to produce goods and services. D) Some economic resources are human-made while others are found in nature.
Assume Cathy's Cupcake Company operates in a perfectly competitive market producing 10,000 cupcakes per day. At this output level, marginal cost exceeds this firm?s price. Assuming price exceeds average variable cost, to maximize profits Cathy's should
A. decrease their output. B. stop producing since it is earning a loss. C. increase their output. D. make no adjustments as they are already maximizing their profits.