When calculating GDP, purchases of used goods are
A) included at the original price.
B) included by taking the original price and subtracting the (current) used price.
C) included at the (current) used price.
D) not included.
E) included at the original price minus any depreciation.
D
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The table below shows the weekly supply for hamburgers in a market where there are just three sellers.PriceSeller 1 Qs 1Seller 2 Qs 2Seller 3 Qs 3$5854464334322221If there were 100 sellers in the market, each with a supply schedule identical to seller 2 in the table above, then the weekly quantity of hamburgers supplied in the market at a price of $5 would be
A. 300. B. 500. C. 400. D. 200.
During 2010, a country reports that its price level fell and the money wage rate did not change. These changes led to
A) a lower real wage rate, lower profits, and a decrease in the quantity of real GDP supplied. B) a higher real wage rate, lower profits, and a decrease in the quantity of real GDP supplied. C) a higher real wage rate, higher profits, and an increase in the quantity of real GDP supplied. D) a lower real wage rate, higher profits, and an increase in the quantity of real GDP supplied. E) no change in the real wage rate and an increase in aggregate demand.
If US consumers want to buy Chinese goods, they will
a. buy Yuans to sell US Dollars b. Sell Yuans to buy US Dollars c. Demand Yuan d. Both a and c
Assume Congress enacts a $500 billion increase in spending and a $500 billion tax increase to finance the additional government spending. The result of this balanced-budget approach is a:
A. $500 billion decrease in aggregate demand. B. $500 billion increase in aggregate demand. C. $1,000 billion increase in aggregate demand. D. $1,000 billion decrease in aggregate demand.