A consumption good that would be counted in GDP would be a:
A. new bicycle.
B. vintagebottle of wine purchased at an auction.
C. washing machine purchased at a garage sale.
D. A newly issued stock.
A. new bicycle.
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Answer the following statement(s) true (T) or false (F)
1. An outcome that is Pareto optimal is preferred by both players to all other possible outcomes. 2. A Nash equilibrium need not be Pareto optimal, and a Pareto-optimal outcome need not be a Nash equilibrium. 3. In the Prisoners' Dilemma game, the only outcome that is not Pareto optimal is also the game's only Nash equilibrium. 4. When a game is played sequentially, the first player will have an advantage over the second player. 5. A Cournot equilibrium arises when one player announces his strategy before the other.
Voluntary export restraints are illegal under international trading rules
Indicate whether the statement is true or false
Suppose the nominal interest rate charged is 5 percent and the expected inflation rate is 2 percent. Which of the following is the expected real interest rate?
a. 2 percent b. 5 percent c. 7 percent d. -3 percent e. 3 percent
Determining the optimal choice of input combinations generally does not involve
a. substitution of one input for another. b. fixing the level of technology in the long run. c. minimizing cost, given the prices of inputs. d. assessing the productivity of various inputs.