Which one of the following transactions would be included in GDP?
a. Ms. Kim pays $50 for a used picture frame at a neighborhood garage sale.
b. Mr. Doe donates $500 to his town's junior college scholarship fund.
c. Ms. Bartolini pays $500 to fix the front end of her car damaged in a recent accident.
d. Ms. Smith pays $5,000 to purchase 100 shares of Microsoft stock.
c
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All else equal, a decrease in government borrowing is likely to cause a(n):
A) upward movement along the credit demand curve. B) rightward shift of the credit demand curve. C) leftward shift of the credit demand curve. D) downward movement along the credit demand curve.
On average each year, about 7 percent of all firms in the United States are new, and 1 percent go out of business. According to the text, which of the following is not true?
A) Luck may play a role in a firm's performance. B) A focus on quality may have a role in a firm's performance. C) Being a first mover is never a reason for failure. D) Size may be an important factor of success. E) A firm that globalizes may find that it fails.
Monopolistic competition is different from perfect competition in that every manufacturer
A. has a small monopoly, and differentiates the product. B. takes the product quality as given, and chooses price. C. takes output level as given, but must choose price. D. differentiates product, but cannot advertise successfully.
A pure monopsonist
A. is the sole buyer of a particular good or resource in a given market. B. can adjust only quantity produced and so is a price-taker in the input market. C. purchases as many units of input as it desires without influencing the per unit price of the input. D. confronts a perfectly elastic supply curve of the input.