Which of the following is NOT an example of private investment expenditure?
A) new houses built during the year
B) using credit cards to purchase durable and nondurable goods
C) new plants and equipment added during the year
D) increases in inventories on goods produced during the year
B
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Which of the following is the best test of whether a government program should be undertaken?
a. approval by a majority in each of the two branches of Congress b. the total number of jobs created by the program c. the increase in GDP as a result of the government program d. value generated by the government program that exceeds the value of the production it crowds out
A patent gives exclusive rights to the creator for how many years?
a. 70 b. 95 c. 21 d. 25
Let's use the example from the text: The Nick Rudd Ice Company is a monopoly. Its goal, then, is to
a. hire as many workers as possible b. maximize profit c. produce as much as possible to capture market share d. produce where marginal cost equals price e. charge the highest price possible
If in some year real GDP was $25 billion and the GDP deflator was 68, what was nominal GDP?
a. $2.72 billion. b. $17 billion. c. $36.8 billion. d. $43 billion.