Which of the following would be directly counted in GDP for 2015?
A) windows purchased from Pella in 2015 to be installed in a house built in 1945
B) windows built in 1945 which were salvaged from a 1945 house and are going to be used in a newly-built house
C) windows built in 1945 which were salvaged from a 1945 house and are going to be used in a house built in 1950
D) none of the above
A
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Suppose that two countries share identical levels of total factor productivity, identical labor force growth rates and identical savings rates. According to the Solow model
A) the country with the greater initial level of output per worker will grow more rapidly than the country with the smaller initial level of output per worker. B) the country with the smaller initial level of output per worker will grow more rapidly than the country with the greater initial level of output per worker. C) both countries will have the same growth rates of output per worker, even if they start out with different levels of output per worker. D) if both countries start out with different levels of income per worker, both countries may have different growth rates of output per worker, but we cannot be certain which country will have the higher growth rate of output per worker.
The budget deficit
a. is the value of the government's indebtedness at a moment in time. b. was $13.5 trillion in fiscal 2014. c. is the amount by which the government's expenditures exceed receipts during a specific time period. d. All of the above are correct.
Which of the following can lead to market failure?
a. externalities and market power b. externalities but not market power c. market power but not externalities d. neither externalities nor market power
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases. B. increases. C. remains constant. D. decreases.