Which of the following items would NOT be in U.S. GDP this quarter?
A. a dress produced and sold in Dallas, Texas this month
B. a crane that was produced and sold as new two years ago
C. a plane produced by Boeing this month that was sold in Europe to Air France
D. a just-completed new home is sold to a household
Answer: B. a crane that was produced and sold as new two years ago
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During the 1990s, the nominal price of crude oil ____ and the real price ____
a. leveled off; fell b. fell; leveled off c. rose; fell d. fell; rose
Is it possible for the economy to be at full employment and still have some people who are unemployed?
A) No, full employment means that no one is unemployed. B) Yes, since full employment exists if the economy is operating at the natural unemployment rate and there is always some natural unemployment. C) Yes, since full employment exists if the economy is operating at the frictional unemployment rate and there is always some frictional unemployment. D) Yes, since full employment equals the sum of the cyclical unemployment rate and the natural unemployment rate, and there is always some cyclical unemployment. E) none of the above
If the price buyers pay doesn't change at all, the burden...
What will be an ideal response?
A consumption good that would be counted in GDP would be a:
A. new bicycle. B. vintage bottle of wine purchased at an auction. C. A newly issued stock. D. washing machine purchased at a garage sale.