In 2015, Janice Quinn sells a five-year-old car to Used Car, Inc. for $6,000. In the same year, Used Car, Inc. resells the car to Hilda Goner for $6,500. What is the contribution of these transactions to GDP in the year 2015?
A. $6,000
B. $12,500
C. $500
D. $0
Answer: C
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Which movement between two points represents economic growth?
A. J to K
B. K to L
C. L to M
D. M to N
If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected. B. only the long-run aggregate supply curve would shift left. C. only the short-run aggregate supply curve would shift left. D. the long-run and short-run aggregate supply curves would both shift left.
The Federal Open Market Committee (FOMC) is made up of the presidents of the Federal Reserve Banks, the secretary of the Treasury, and the chair of the President's Council of Economic Advisers.
Answer the following statement true (T) or false (F)
Recall the Application about the decrease in price of illegal drugs in the United States to answer the following question(s).Recall the Application. If the decrease in price of illegal drugs is due to equal changes in demand and supply, the equilibrium quantity of drugs:
A. will increase. B. will decrease. C. will not change. D. may or may not change.