Transactions involving items produced in the past, such as the sale of a 5-year-old automobile by a used car dealership or the purchase of an antique rocking chair by a person at a yard sale, are
a. included in current GDP because GDP measures the value of all goods and services sold in the current year.
b. included in current GDP but valued at their original prices.
c. not included in current GDP because it is difficult to determine their value.
d. not included in current GDP because GDP only measures the value of goods and services produced in the current year.
d
You might also like to view...
Economic growth is a sustained expansion of production possibilities, as measured by the increase in ________ over time
A) population B) inflation C) the price level D) real GDP E) employment
An option buyer
A) has a greater insurance benefit than the purchaser of a futures contract. B) bears the risk of unfavorable price movements. C) is purchasing a naked option if he or she does not also own the underlying asset. D) generally will incur a lower cost than will the purchaser of a futures contract.
When spending is greater than output, firms will experience falling inventories, and prices of goods and services will rise.
Answer the following statement true (T) or false (F)
The shorter the time period that suppliers have to adjust to price changes, the
A. lower will be the price elasticity of supply. B. higher will be the price elasticity of supply. C. lower will be the price elasticity of demand. D. higher will be the price elasticity of demand.