QN=61 (17780) In 2007, Corny Company grows and sells $2 million worth of corn to Tasty Cereal Company, which makes corn flakes. Tasty Cereal Company produces $6 million worth of corn flakes in 2007, with sales to households during the year of $4.5 million. The unsold $1.5 million worth of corn flakes remains in Tasty Cereal Company's inventory at the end of 2007. The transactions just described contribute how much to GDP for 2007?
a. $4.5 million
b. $6 million
c. $6.5 million
d. $8 million
b. $6 million
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Refer to the Article Summary. Economists refer to an increase in sales due to celebrity endorsements as being the result of
A) social influence. B) the ultimatum game. C) network externalities. D) the endowment effect.
A planned economy would require decisions on the basis of
a. input-output tables b. corporate profits c. cost-benefit analysis d. government decisions e. all of the above
Which of the following are depository institutions?
A) The Federal Reserve Banks of New York and Chicago B) The U.S. Treasury and the IRS C) Banks and thrifts D) Investment banks and finance companies
The Navigation Acts:
a. placed tariffs on the import of British goods by the colonies. b. prohibited trade between the British West Indies and the colonies. c. allowed colonial trade on British ships commanded by foreign captains. d. encouraged trade between the colonies and the Dutch. e. None of the above is correct.