Which of the following would be included in the calculation of Gross Domestic Product (GDP)?
A) the value of spending on new machinery and equipment
B) the value of the sale of 1,000 shares of IBM stock
C) the value of transfer payments
D) the value of the sale of a used guitar
A
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You are likely to think that the relative price of your good has risen and you should increase your output if you expected
A) the inflation rate to be 10% and the price of your good rose 7%. B) the inflation rate to be 10% and the price of your good rose 10%. C) the inflation rate to be 10% and the price of your good rose 13%. D) the inflation rate to be 0% and the price of your good fell 10%.
How did the original focus of the IMF differ from that of the World Bank?
A. The IMF dealt in North and South America only, and the World Bank dealt with the rest of the world. B. The IMF gave grants to developing countries and the World Bank made loans. C. The IMF assisted wealthy nations and the World Bank assisted developing nations. D. The IMF provided short-term loans and the World Bank provided long-term loans.
Which of the following is NOT a reason a firm might experience economies of scale?
A) specialization B) dimensional factors C) increasing long-run average costs D) more productive equipment
In 1963 the U.S. poverty standard was equal to
A. $22,000 per year. B. $3,000 per year. C. $10,000 per year. D. $1,000 per year.