Which of the following market transactions of final goods and services are excluded from the computation of U.S. GDP?
a. Purchases of products such as wine, beer, hard liquor, and cigarettes.
b. Secondhand transactions, such as when a used car is sold
c. New purchase that a resident of one state makes in a different state.
d. Purchases of necessities such as groceries and rent.
b
You might also like to view...
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
The above figure shows the U.S. market for wheat. With no international trade, the price of wheat in the United States is ________ per ton. With international trade, the price of wheat in the United States is ________ per ton
A) $700; $300 B) $500; $700 C) $500; $300 D) $14; $16 E) $16; $14
Refer to Figure 9.3. If the government establishes a price ceiling of $1.00, how many pounds of berries will be sold?
A) 200 B) 300 C) 400 D) 600 E) 800
If a firm produces 8 units of output with average fixed cost=$40 and average variable cost=$25, what is its total fixed cost?
a. $650 b. $1,000 c. $200 d. $320