Goods that are produced this year, stored in inventories, and then sold to consumers next year
A) count in this year's GDP.
B) count in next year's GDP.
C) count in both this year's and next year's GDP.
D) are not counted as a part of GDP.
A
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In neoclassical growth theory, technological change ________
A) occurs by chance B) is influenced by population growth C) is influenced by the rate of economic growth D) occurs at a steady rate
Answer the following statements true (T) or false (F)
1. Economic theory and economic policy are synonymous. 2. Your decision to attend college was a microeconomics choice. 3. Goods directly used by individuals and households are known as capital goods. 4. The relationship between the price of a book and the number of volumes purchased would be an example of microeconomics.
Suppose that for each firm in the competitive market for potatoes, long-run average cost is minimized at 20ยข per pound when 500 pounds are grown. The demand for potatoes is Q = 10,000/p
If the long-run supply curve is horizontal, then how many firms will this industry sustain in the long run? A) 0 B) 100 C) 50,000 D) There is not enough information to answer.
When the Social Security surplus is used to cover the current operating expenses of the federal government, it will
a. make it easier for future taxpayers to provide promised Social Security benefits to baby boomers. b. reduce the outstanding debt of the federal government. c. make it possible for Congress and the president to spend more without raising current taxes or borrowing from the general public. d. increase the credibility of the Social Security benefits promised to future retirees.