GDP can be calculated by the value-added approach, which
a. is useful in avoiding double counting.
b. includes only the value-added portion from the sale of goods and services.
c. includes the revenue a firm receives from selling a product minus the amount paid for goods purchased from other firms.
d. All of the above correct.
d
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The natural rate of unemployment is the amount of unemployment
A) associated with the business cycle. B) that exists when the economy goes into recession. C) equal to frictional plus structural unemployment. D) that exists when the economy is in an expansion.
In an open-market purchase the Federal Reserve ________ government bonds from the public and the supply of bank reserves ________.
A. buys; increases B. sells; increases C. sells; decreases D. buys; decreases
The time it takes to formulate a policy is known as:
A. fiscal policy. B. crowding out. C. inside lags. D. outside lags.
Figure 15.3 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. Assume that each swimmer buys only one ice cream cone and that they prefer to buy ice cream from the nearer vendor. If neither vendor has an incentive to adjust their locations:
A. vendor 1 is at B while vendor 2 is at C. B. vendor 1 is at A and while vendor 2 is at D. C. vendor 1 is at A while vendor 2 is at E. D. both vendors are at C.