A company produced 8 dishwasher machines in 2015. The company sold 6 in 2015 and added 2 to its inventories. The market value of the dishwasher machines in 2015 was $200 per unit. What is the value of this company's output that will be included in the 2015 GDP?
A. $400
B. $1,400
C. $1,600
D. $2,000
Answer: C
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If the domestic income of a nation’s citizens increase thus causing consumption spending to increase, then we generally expect net export spending to:
A. increase as well because as consumption increases we also buy more foreign goods and services. B. decrease as well because as consumption increases we also buy more foreign goods and services. C. remain constant because when we increase domestic purchases it is directly offset by a reduction in foreign purchases. D. there is not enough information to determine what would happen.
Figure 18.2Refer to Figure 18.2. After trade and specialization begin, the maximum amount of spears that Macadamia can consume is:
A. 40. B. 100. C. 120. D. 160.
A portion of a worker's earnings is economic rent if the worker
A. has skills that make him more productive than an unskilled worker. B. has been on the job for at least a year. C. would accept a small reduction in pay without quitting. D. was the last person hired at the going wage rate.
Milton Friedman's k-percent rule says to set the rate of growth of the quantity of money equal to
A) the real interest rate. B) a constant rate. C) the rate of growth of potential GDP. D) the unemployment rate. E) last year's growth rate of real GDP.