Which of the following items is included in the calculation of GDP?
a. Purchase of 100 shares of General Motors stock.
b. Purchase of a used car.
c. The value of a homemaker's services.
d. Sale of Gulf War military surplus.
e. None of these would be included.
e
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In the market for widgets, the supply curve is the typical upward-sloping straight line, and the demand curve is the typical downward-sloping straight line. The equilibrium quantity in the market for widgets is 200 per month when there is no tax. Then a tax of $5 per widget is imposed. The price paid by buyers increases by $2 and the after-tax price received by sellers falls by $3 . The
government is able to raise $750 per month in revenue from the tax. The deadweight loss from the tax is a. $250. b. $125. c. $75. d. $50.
Exhibit 4-8 Demand and supply curves
In Exhibit 4-8, a movement from A to D is best described as a(n):
A. increase in the quantity demanded and an increase in supply. B. increase in supply and demand. C. increase in both the quantity demanded and supplied. D. increase in the quantity supplied and in the demand.
Which of the following statements is TRUE for society as a whole?
A. Demand for services always reflects all social costs. B. Social benefits are always emphasized in advertising. C. Private costs are not always equal to social costs. D. Supply of services always reflects all social costs.
Prior to 2009, Federal Spending as a percentage of GDP had peaked in
A. 2005. B. 1973. C. 1982. D. 1976.