Which of the following is NOT included in the calculation of Gross Domestic Product (GDP)?
A. Mr. J's purchase of a share of General Motors stock
B. the purchase of a raincoat by Mr. Z
C. Mrs. T's use of a lawyer
D. All of these would be included.
Answer: A
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A surplus tends to put ________ pressure on the price of the product, which ________ the quantity supplied
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
A supply shock, such as the OPEC oil-price increases in the 1970s,
A) can lead to accelerating inflation, if an accommodation policy tries to maintain the pre-shock level of real GDP. B) will cause lower real wages in long-run equilibrium. C) will reduce the natural level of real GDP. D) both B and C
The supply curve for space on a freeway is perfectly vertical at any given point in time
Indicate whether the statement is true or false
Homogeneous products are distinguishable from each other.
Answer the following statement true (T) or false (F)