Which of the following will be included in the current year's gross domestic product (GDP)?
a. The sale price of equipment produced last year but sold this year
b. The money spent by Kate on the purchase of new furniture
c. The money spent by Barney on the purchase of his uncle's house
d. The sale price of the stock purchased by John
e. The opportunity cost of the time spent by Bruno cooking lunch for his neighbor
b
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Suppose that a disease that affects people who consume beef has been discovered in the United States. One likely result is:
A. an increase in buyers' reservation prices for beef. B. a decrease in demand for beef. C. a decrease in demand for chicken. D. a decrease in the quantity demanded of beef.
When a unit tax is placed on suppliers they are generally able to _____
a. lobby to get the tax repealed b. shift the tax payment to the demanders c. shift part of the tax burden to the demanders in the form of a secondary tax d. shift part of the tax burden to the demanders in the form of a higher price
The EITC is refundable
Indicate whether the statement is true or false
Total market supply can be derived by
A) horizontally summing individual supply curves at each and every price level. B) vertically summing individual supply curves at the current technology level. C) adding up the largest quantity demanded at various prices. D) looking at the changes in the price of raw materials needed to produce the product.