Which of the following is counted in GDP?
A) the trading of 100 shares of Microsoft stock
B) the services of a real estate broker
C) government transfer payments
D) the sale of a used car
E) none of the above
B
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An explanation for the low saving rate in the United States consistent with the demonstration effect includes:
A. well-developed financial markets making it easy to borrow against home equity. B. large and persistent capital gains. C. households spending beyond their means to keep up with community standards. D. relatively generous government assistance for the elderly and large down payments required for home purchases.
Product differentiation helps determine the slope of the demand curve facing a firm in monopolistic competition
a. True b. False
Refer to the above graph for a firm in pure competition. Line B represents:
A. marginal revenue. B. average total cost. C. average fixed cost. D. total revenue.
If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock. B. long-run supply shock. C. long-run demand shock. D. short-run demand shock.