Which of the following would be directly counted in GDP in 2016?
A) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a farm house built in 1950
B) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a brand new country-style home
C) kitchen cabinets purchased from Home Depot in 2016 to be installed in a house built in 1997
D) none of the above
C
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In the saving function, autonomous saving is
A) -a + (1 - c)(Y - T). B) (1 - c)Y. C) -a. D) -Y - T.
In the simple circular flow model of the economy, total expenditures on goods and services equal total household income
a. True b. False Indicate whether the statement is true or false
Union membership in the United States has fallen compared to what it was in the 1950s.
Answer the following statement true (T) or false (F)
Which of the following explains why redistribution occurs during inflation?
A. Relative prices remain unchanged. B. Rising prices fail to signal desirable changes in the mix of output. C. All loans are indexed to inflation. D. Because all prices do not change at the same rate, people buy different combinations of goods and services and own different combinations of wealth.