Which of the following would be included in the gross domestic product (GDP)?
a. The monthly telephone bill paid by Mr. Jones
b. The corporate stock purchased by Steven
c. The used limousine purchased by Harold
d. The bricks purchased by a construction company to build a house
e. The $300 George saved because he painted his own garage
a
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Demand in a perfectly competitive market is Q = 100 - P. Supply in that market is Q = P - 10. What is the market equilibrium price and quantity? Given that price and quantity, how much consumer surplus, producer surplus, and deadweight loss is there? If the government imposes a $10 per unit sales tax, what is the new equilibrium price and quantity? Once the government imposes the tax, how consumer surplus, producer surplus, and dead-weight loss is there?
What will be an ideal response?
An example of negative productivity shocks that could cause recessions is
a. a hurricane, which destroys capital. b. a decrease in the price of oil. c. reductions in defense spending. d. all of the above. e. both a and b.
Refer to the information provided in Table 22.6 below to answer the question(s) that follow.
Table 22.6
Refer to Table 22.6. If 2014 is the base year, the price index in 2015 is
A. 76.8. B. 81.9. C. 119.1. D. 123.2.
Related to the Economics in Practice on p. 83: The initial price of $0 for the Shakespeare in the Park tickets is akin to the city of New York ________ the tickets.
A. assigning favored customer status for B. issuing a price ceiling on C. issuing a price floor on D. issuing ration coupons for