Which of the following items is included in GDP?
a. the sale of stocks and bonds
b. the sale of used goods
c. the sale of services such as those performed by a doctor
d. All of the above are included in GDP.
c
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Generally, most of the world’s industrial countries believe that central banks should be independent of their governments.
Answer the following statement true (T) or false (F)
Suppose Ernie gives up his job as financial advisor for P.E.T.S., at which he earned $30,000 per year, to open up a store selling spot remover to Dalmatians. He invested $10,000 in the store, which had been in savings earning 5 percent interest. This year's revenues in the new business were $50,000 . and explicit costs were $10,000 . Calculate Ernie's economic profit
a. $10,000 b. $50,000 c. $20,000 d. $40,000 e. $9,500
The CPIC ________.
A) overcomes the sources of bias in the CPI by eliminating measures of the goods and services with the most volatile prices B) overcomes the sources of bias in the CPI by incorporating substitutions and using current and previous period quantities C) does not overcome the source of bias in the CPI D) overcomes the sources of bias in the CPI by always using discount store prices E) overcomes the sources of bias in the CPI by giving extra weight to the measures of the goods and services with the most volatile prices
In a many-worker economy the consumption possibilities line touches the production possibility curve
A. at more than three points. B. at two points. C. at one point. D. at three points.