Intermediate goods, like milk sold by a farmer to a supermarket, are
a. included in GDP.
b. included in GDP at market value.
c. included if it is imported.
d. are not included in GDP.
d
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In 2015, Pete Rich purchases a 1642 painting by Rembrandt for $20 million. He also pays a one percent commission to the auction house that sold the painting. What is the contribution of these transactions to GDP in the year 2015?
A. $2 million B. $0 C. $200,000 D. $20.2 million
Compared to a perfectly competitive industry, a single-price monopoly produces
A) more output. B) less output. C) the same output. D) some amount that might be more, less, or the same depending on whether the monopoly's marginal revenue curve lies above, below, or on its demand curve. E) some amount that might be more, less, or the same depending on whether the monopoly's marginal cost curve lies above, below, or on its marginal revenue curve.
In the permanent income hypothesis, income that does not persist for a long period of time is known as ________
A) current income B) transitory income C) insufficient income D) limited income
If the price of inputs falls and the level of consumer indebtedness rises:
a. Aggregate demand rises, and aggregate supply falls. b. Aggregate demand rises, but aggregate supply does not change. c. Aggregate demand falls, and aggregate supply rises. d. Aggregate demand and aggregate supply rise. e. Aggregate demand and aggregate supply fall.