Recall the Application about intellectual property in GDP accounts to answer the following question(s).According to the Application, after 2013, firm expenditures on research and development and new artistic work were treated as ________ in our GDP accounts.
A. intermediate inputs
B. investment
C. net exports
D. consumption
Answer: B
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Not having to pay for a good leads to:
A. underconsumption. B. oversupply. C. overconsumption. D. irrational consumption.
The term "balance of trade" refers to the:
a. importing and exporting of goods. b. importing and exporting of goods and services. c. current account trade balance. d. capital outflows minus inflows.
An insurance policy is:
A. the contract that reduces the financial loss associated with some risky event. B. the amount of money a policy holder pays for the insurance policy. C. the amount of money a policy holder receives if a specific loss occurs. D. the probability of loss from a specific event.
Monopolistically competitive firms sell goods that are
a. close substitutes b. perfect substitutes c. not substitutes d. not differentiated products e. complements