Which of the following items are included in GDP?
A. unemployment benefits
B. used cars
C. newly built homes
D. all transactions involving bonds
Answer: C
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When decision rights are decentralized, typically
a. decisions are being moved to those with more of the relevant information b. decisions are being moved to those with stronger incentives to make good decisions c. decisions are being moved from those with more of the relevant information d. decisions are being moved from those with weaker incentives to make good decisions
According to the data on real U.S. GDP,
a. economic growth has been irregular, with periodic downturns. b. economic growth has been consistent, with few downturns. c. economic growth has been extremely rapid, but with major collapses. d. economic growth has been elusive, but downturns have been eliminated.
Given full-employment output = $2,800, equilibrium real GDP = $2,500, and MPS = 0.25, which of the following changes would most likely bring the economy to a full-employment level of real GDP?
A. $300 decrease in taxes. B. $75 increase in government spending. C. $75 decrease in taxes. D. $75 decrease in government spending.
The marginal cost curve of pollution abatement
A. slopes downward because of the law of diminishing marginal utility. B. slopes upward because of the law of diminishing product. C. slopes downward because of the law of diminishing returns. D. slopes upward because firms will maximize profits.