Which of the following is not counted as a part of GDP?
a. the purchase of 100 shares of AT&T stock by your grandfather
b. the purchase of a snow plough by the city of Minneapolis
c. the unsold additions to inventory at an appliances store
d. the purchase of a loaf of bread by a consumer
a. the purchase of 100 shares of AT&T stock by your grandfather
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Suppose a local bookstore notices that a 2 percent increase in book prices leads to a 2 percent decrease in the number of books sold. Which of the following is true?
a. Demand for books is price elastic. b. The store's sales revenue did not change. c. Demand for books is price inelastic. d. Demand for books is perfectly inelastic. e. The bookstore could increase revenue by further lowering prices.
Retaliation of trade restrictions can:
What will be an ideal response?
When computing p-values, population variation matters.
Answer the following statement true (T) or false (F)
Figure 6.4 represents a perfectly competitive firm's costs. Illustrate the firm's short-run supply curve on the graph. Explain.
What will be an ideal response?