Cans of soup purchased by supermarkets but not sold to individuals in the current period
A) are considered intermediate goods, yet still count in the GDP.
B) are considered intermediate goods, thus do not count in the GDP.
C) are considered investment goods and do count in the GDP.
D) are considered investment goods and thus do not count in the GDP.
E) are considered consumption goods but do not yet count in the GDP.
C
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Why are aggregate demand shocks not a good explanation of business cycles in the New Keynesian model?
A) The wage is not constant. B) Employment does not fluctuate. C) Prices in the model are procyclical. D) Consumption is not procyclical.
In a perfectly competitive market, when the price is greater than the minimum average total cost for most firms, some will:
A. exit until the price increases to equal minimum ATC. B. enter until the price increases to equal minimum ATC. C. exit until the price drops to equal minimum ATC. D. enter until the price drops to equal minimum ATC.
During the life of a drug patent, the monopoly pharmaceutical firm maximizes profit by producing the quantity at which marginal revenue equals marginal cost
a. True b. False Indicate whether the statement is true or false
Which of the following did NOT happen during the late 19th century in the U.S.?
a. Falling crop prices reduced farmers' incomes b. From 1880 to 1896, the price level fell by 23 percent c. Farmers lobbied for government policies to reduce inflation d. Farmers had reduced ability to pay off debts