In 2013, Ozzie purchased a 2010 Ford Escort from his neighbor for his son, purchased a 2009 "one owner" Camry from Larchmont Toyota for his wife, bought a 2013 new Ford for himself, and sold his 2002 Dodge Caravan to his teenage nephew
Which, if any, of these transactions will be included in GDP in 2013? A) all four transactions
B) all three purchases but not the sale
C) the purchase of the Ford and the Caravan
D) only the purchase of the Ford
D
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Describe the effects that exemptions, deductions, and tax credits have on the income tax base, tax rates, and economic efficiency
What will be an ideal response?
Which of the following is considered a contributive standard for the distribution of income?
A) rewarding workers according to their productivity B) rewarding workers according to their needs C) rewarding workers according to the number of their dependents D) all of the above
A decline in real income
a. can occur only if there is a decline in nominal income b. can occur only if there is an increase in the price level c. can occur only if there is either a decline in nominal income or an increase in the price level d. cannot occur if there is either an increase in nominal wages or a decline in the price level e. can occur only if there is a decline in the price level
An economic consultant recently reported to Sam Snerd that the cross-price elasticity between his product and another firm's scooters is 4.5 . From this information Sam can conclude that
a. his firm's market is smaller b. his firm is a monopolist c. his firm's product has few substitutes d. there is at least one other firm in his relevant market e. scooters are complimentary to his firm's product