Which of the following is not a component of gross domestic product?
A. purchases by consumers of finished goods
B. purchases by consumers of used goods
C. government purchases
D. net exports
Answer: B
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The conclusion that the economy has price flexibility, wage flexibility, and perfectly competitive markets justifies
A) rational policy making. B) passive policy making. C) active policy making. D) none of the above.
When a worker has a rare skill or talent, supply in that labor market:
A. is low. B. is high. C. depends on the other factors of production. D. depends on the output produced.
The phase in the business cycle marked by a relatively high level of real GDP, full employment, and inflation is called
a. a recession b. a peak c. prosperity d. a recovery e. a trough
Warrensburg is a small college town in Missouri. At the end of August each year, the market demand for fast food in Warrensburg
a. increases. b. decreases. c. remains constant, but we observe a movement downward and to the right along the demand curve. d. remains constant, but we observe a movement upward and to the left along the demand curve.