Which of the following transactions would be included in GDP?
A. Mary buys a used book for $5 at a garage sale.
B. Nick buys $5,000 worth of stock in Microsoft.
C. Olivia receives a tax refund of $500.
D. Peter buys a newly constructed house.
D. Peter buys a newly constructed house.
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According to the neoclassical growth model, economic growth in the steady state occurs because of
a. increasing populations, which increase the demand for consumption. b. exogenous increases in technology. c. international trade. d. active governments, which stimulate consumption through government spending. e. all of the above.
The permanent income hypothesis is associated with
a. John M. Keynes b. James Duesenberry c. Franco Modigliani d. Adam Smith e. Milton Friedman
If domestic production of a product causes pollution that imposes an external cost on the country, then
A. exports of the product should be subsidized. B. exports of the product are less than they would be otherwise. C. exports of the product can make the country worse off. D. exports of the product offset the external costs.
In 1994, the Walt Disney Corporation ran a special promotion on tickets to Disneyland. Residents of southern California who lived near the amusement park were offered admission at the special price of $22
Other visitors to Disneyland were charged about $30. This practice is an example of: A) collusion. B) price discrimination. C) two-part tariff. D) bundling. E) tying.