Which of the following transactions is included in gross output (GO)?
A. the sales of corporate bonds to an investor
B. the estimated costs of human health effects due to air pollution
C. the sales of an accounting software package to an accounting firm
D. sales of used goods
Answer: C
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The outcome of a colluding oligopoly:
A. is more efficient than that of a monopolist. B. is the same as that of a monopolist. C. is less efficient than that of a monopolist. D. is more efficient than that of a competitive oligopoly.
Globalization first appeared on the world stage two decades ago
Indicate whether the statement is true or false
In addition to government purchases or changes in taxes, demand shocks in the economy can increase or decrease GDP, leading to a fall or rise in the trade balance. Which of the following would NOT represent a demand shock?
a. a change in household wealth leading to a rise in consumption expenditures. b. a rise in inflation. c. a change in the marginal propensity to import, causing imports to rise. d. an increase in technology, causing investment spending to rise.
A consumer maximizes utility when she consumes at a point where?
A. ?the marginal utility of each good is the same. B. ?the marginal utility per dollar spent on each good is the same. C. ?the price of each good is the same. D. ?All of the above statements are true.