Which of the following would NOT be included in this year's GDP?
A. The purchase of 100 shares of Microsoft stock
B. The replacement of a muffler on a 1978 Chevy
C. The commission charged by a real estate agent
D. The services of a hair stylist
E. The tuition fee for a course in economics
Answer: A. the hiring of a new school teacher
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Suppose consumers decrease their consumption expenditure because they worry about what their income will be in the future. There is
A) a rightward shift of the aggregate demand curve. B) an upward movement along the aggregate demand curve. C) a downward movement along the aggregate demand curve. D) a leftward shift of the aggregate demand curve.
When a country has a large amount of dead capital
A) there is too much political freedom. B) there is a large amount of economic growth. C) large amounts of capital will be inefficiently employed. D) a country's exports increase.
What will happen if a country uses money creation to finance a large and expanding national debt?
a. Real output and employment will grow rapidly. b. Nominal interest rates will fall. c. The foreign exchange value of the currency will increase. d. The rate of inflation will rise.
We would expect the cross-price elasticity of demand between coffee and
A. tea, and coffee and cream to both be negative. B. tea, and coffee and cream to both be positive. C. tea to be positive, but negative between coffee and cream. D. tea to be negative, but positive between coffee and cream.