Which of the following would not be counted in 2016's GDP?
A. the 2016 salary of a used furniture salesperson
B. the value of a laser printer manufactured in 2016 but not sold in 2016
C. the commissions earned by a sales associate in selling home theater systems built prior to 2016
D. the value of a 1976 convertible you purchase from a dealer in 2016
Answer: D
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A perfectly competitive furniture-rental firm in Phoenix incurs an economic loss if the average total cost of each rental is
A) greater than the marginal revenue of each rental. B) less than the marginal revenue of each rental. C) equal to the marginal revenue of each rental. D) equal to the price of each rental. E) greater than the average variable cost of each rental.
The United States has net exports of -$350 billion and the private sector balance is -$400 billion. What is the government sector balance?
What will be an ideal response?
A spending shock
a. causes unemployment and inflation to change in the same direction b. results in a movement along the AD curve c. shifts the AS curve d. first affects the economy through the money market e. causes equilibrium GDP to change at each price level
Prices tend to increase when there is a situation of shortage in a market
a. True b. False Indicate whether the statement is true or false