Which of the following expenditures would not be included in GDP?
a. Purchase of a new lawnmower.
b. Purchase of a silver cup previously sold new in 1950.
c. Purchase of a ticket to the latest movie.
d. All of these would be counted in GDP.
b
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Rio Tinto's incentive to adopt new robotic technology was increased by the high wages it was having to pay to attract miners and truck drivers. In this instance, Rio Tinto began using new robotic technology to
A) substitute labor for capital in production. B) add labor as a complementary resource for its capital. C) add capital as a complementary resource for its labor. D) substitute capital for labor in production.
Stagflation is caused by
a. a negative supply shock. b. a positive supply shock. c. a negative demand shock. d. a positive demand shock. e. none of the above.
Explain how a change in the expected price level would shift the short-run and long-run aggregate-supply curves
If the short-term own price elasticity for transportation is estimated to be ?0.6, then long-term own price elasticity is expected to be:
A. greater than ?0.6. B. ?0.6. C. less than ?0.6. D. neither greater than, less than, nor equal to ?0.6.