A furniture maker used to buy its wood, but has now bought the lumber company. How does this impact GDP?
A) It reduces it.
B) It does not change.
C) It increases it.
D) We cannot tell.
B
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The percentage of total national income spent on health care in the United States has
A) declined rapidly since 1965. B) remained below the level of inflation. C) risen steadily since 1965. D) remained constant over the last few years.
Consumers have the greatest incentive to lobby for price controls in the short run when supply is:
A. inelastic and demand decreases. B. elastic and demand increases. C. inelastic and demand increases D. elastic and demand decreases.
When economists say the supply of a product has decreased, they mean that:
A. the supply curve has shifted to the left. B. the product price has decreased, and as a consequence, suppliers are producing less of the product. C. producers are now willing to sell more of this product at each possible price. D. the supply curve has shifted to the right.
While the world was fairly integrated at the turn of the last century, most trade was in agricultural and raw materials, whereas today manufactured consumer and producer goods play a much greater role in determining exports and imports
Indicate whether the statement is true or false