Inflation can be thought of as:
A. an increase in the price of money.
B. a decrease in the price of money.
C. no change in the price of money, just in the demand for money.
D. no change in the price of money, just in the supply of money.
Answer: B
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If a larger fraction of the adult population is working in the marketplace, household production
A) counted in real GDP increases. B) not counted in real GDP increases. C) counted in real GDP decreases. D) not counted in real GDP decreases.
This year, Shirts Inc purchased $1,000 worth of silk from the Silky Silkworm Company, $100 worth of buttons from Barney's Buttons, and $200 worth of thread from Tracy's Thread Company. Shirts Inc sold the shirts they produced for $2,000 . As a result of these transactions, how much did Shirts Inc contribute to GDP this year?
a. $700 b. $1,300 c. $2,000 d. $2,700 e. $3,300
While a firm in long-run equilibrium will make zero economic profits, it is still possible for the firm to make ______________ profits.
Fill in the blank(s) with the appropriate word(s).
Which of the following transactions is included in GDP?
A. Social Security check received by an elderly couple B. funds received by a college student for working in the college dining hall C. funds given to a family on welfare D. funds given to a college student by her parents