Goods produced that go into inventories are
a. not counted in GDP.
b. only counted in GDP when they are ultimately sold.
c. counted in GDP even though they are not sold.
d. counted if they completely depreciate within the calendar year.
c
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Shortly after the turn of the century, U.S. Steel owned most of the iron ore reserves in the country. This is an example of
A) monopoly due to government restrictions. B) a barrier to entry from owning an important resource. C) a barrier to entry from scale economies. D) monopoly due to governmental entry restrictions.
According to the substitution effect, an increase in the price of oranges will: a. cause consumers to consume fewer apples because more money is spent on oranges
b. cause consumers to spend more on oranges because a higher price signals that oranges are better than apples. c. cause consumers to replace some oranges with other fruit that is now relatively cheaper than oranges. d. leave consumers with less money to spend on all goods.
Before the Industrial Revolution, per capita income in the U.S. was about:
a. $4,000 b. $2,000 c. $1,000 d. $0
If the population of a country is 1,000,000 people, its labor force consists of 600,000, and 60,000 people are unemployed, the unemployment rate is:
A. 6.0 percent. B. 6.6 percent. C. 10.0 percent. D. 60.0 percent.