In 2015, Richard buys a 2003 Chevrolet minivan from a neighbor. Will this be counted in the GDP for 2015?
A. Yes
B. No
C. Yes, if sales tax is paid
D. No, because the purchase was from an individual not a dealer
Answer: B
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What will be an ideal response?
In the above figure, when disposable income is greater than 600
A) saving is negative. B) the MPC is greater than 1. C) saving is positive. D) the MPS is negative.
Ceteris paribus, if a 20 percent increase in the price of shoes leads to a 10 percent increase in the quantity supplied of shoes, then the price elasticity of supply is equal to _____
a. 2 b. 20 c. 10 d. 0.5 e. 0.2
Educated people may generate ideas that increase production. These ideas
a. produce a return to society from education that is greater than the return to the individual. b. could justify government subsides for education. c. are external benefits of education. d. All of the above are correct.