Fine Edge manufactures lawn mowers. In 2014 it had $2 million worth of lawn mowers in inventory. In 2015 it sold $10 million worth of lawn mowers to consumers and had $1 million worth of lawn mowers in inventory. How much did the lawn mowers produced by Fine Edge add to GDP in 2015?
a. $11 million
b. $10 million
c. $7 million
d. $9 million
d
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If a country experiences a real GDP growth rate of 1 percent and population growth of 2 percent, then the growth rate of real GDP per person is
A) 3 percent. B) 2 percent. C) 1 percent. D) -1 percent. E) 0 percent.
Subject to the approval of the Board of Governors, the decision of choosing the president of a district Federal Reserve Bank is made by
A) all nine district bank directors. B) the six district bank directors elected by the member banks. C) three district bank directors who are professional bankers. D) district bank directors who are not professional bankers. E) class A and class B directors.
Which of the following would cause the demand for carpenters to increase?
a. a decrease in immigration b. an increase in the demand for housing c. an increase in the price of lumber d. a decrease in the productivity of carpenters
To measure the gains and losses from a tax on a good, economists use the tools of
a. macroeconomics. b. welfare economics. c. international-trade theory. d. circular-flow analysis.