If you buy a second-hand, American-made laptop computer to use for taking notes in your economics class, then it will be classified in GDP accounting as
a. a used good and not counted as part of GDP
b. a consumption expenditure
c. an investment expenditure
d. a household expenditure
e. a service good
A
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The competitive firm's long-run supply curve
a. is always perfectly horizontal. b. includes only that part of the long-run marginal cost curve that lies above long-run average cost. c. includes only that part of the long-run marginal cost curve that is sloping upwards. d. is identical to its long-run average cost curve.
When the Federal Reserve lends reserves to depository institutions, it charges them interest. That interest rate is called the
A) federal funds rate. B) loan rate. C) prime rate. D) discount rate.
During World War I (1914–18), hourly wages
(a) decreased in nominal and real terms. (b) increased in nominal and real terms. (c) increased in nominal terms but decreased in real terms. (d) decreased in nominal terms but increased in real terms.
Exports minus imports define a country's
A. Trade balance. B. Current account balance. C. Capital account balance. D. Balance of payments.