During the current quarter, a firm produces consumer goods and adds some of those goods to its inventory rather than selling them. The value of the goods added to inventory is
a. not included in the current quarter GDP.
b. included in the current quarter GDP as investment.
c. included in the current quarter GDP as consumption.
d. included in the current quarter GDP as a statistical discrepancy.
b
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A curve showing the lowest cost at which a firm is able to produce a given level of output in the long run is
A) a long-run average total cost curve. B) a minimum efficient scale curve. C) a long-run production function. D) a long-run marginal cost curve.
Refer to Scenario 15.5. If Catherine stopped smoking, then what is the total amount that Catherine will save on life insurance premiums over the rest of her expected lifespan?
A) $700 B) $14,000 C) $30,000 D) $42,000 E) $56,000
An increase in the per unit costs of production within an economy will cause the aggregate supply curve to shift to the right
a. True b. False Indicate whether the statement is true or false
An increase in the price of the good measured on the horizontal axis will cause the budget line to:
A. shift outward. B. become steeper. C. become flatter. D. shift inward.