Which of the following would be included in the calculation of GDP?
a. an antique diamond necklace
b. a new toaster
c. a second-hand dress
d. a mint condition 1940 baseball card
b. a new toaster
You might also like to view...
An example of a flow variable in economics is: a. the total amount of bank loan taken by Emily
b. the value of an apartment owned by Jerome. c. the price of an antique painting used to decorate an office. d. the earnings of Malaya from piano classes each month. e. the total value of the U.S. treasury bonds held by China.
Centralized planning agencies are a key feature of command economies
a. True b. False Indicate whether the statement is true or false
Karl Marx said all of the following, except that
A. in the long run, capitalism would collapse. B. capitalists and workers generally had the same economic interests. C. one's social consciousness was determined by one's relationship to the means of production. D. whomever controlled a society's capital controlled that society.
Suppose a price index is formed to measure changes in the price level between 1999 to 2005. A price index based on changes in the cost of the basket of goods purchased by the typical consumer in 2005 is called a
a. relative price index. b. consumer price index. c. Laspeyres price index. d. Paasche price index.