Whirlpool Corporation buys steel in sheets to manufacture refrigerators. Whirlpool also buys a new factory and a metal press to mold the steel. Which purchases are included in GDP?
a. the steel
b. the steel, the factory, and the metal press
c. the factory and the metal press
d. the steel and the metal press
c
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The assumption that population growth will lead to a fall in real GDP per person rate back to subsistence level is
A) accepted by all economists today. B) associated with Malthusians. C) part of the neoclassical school of growth theory. D) central to the new growth theory.
Using the Keynesian model, the effect of a government-imposed ceiling on interest rates paid on personal checking accounts that is lower than the current market interest rate would be to cause ________ in the real interest rate and ________ in output
in the short run. A) a decrease; a decrease B) a decrease; no change C) a decrease; an increase D) an increase; a decrease
Social Security wealth is the future value of the Social Security system.
A. True B. False C. Uncertain
If you made a wish list of things you wanted but did not now have, they you became able to have the things on that list, scarcity would be eliminated
a. True b. False Indicate whether the statement is true or false