In 2015, Richard buys a 2003 Chevrolet minivan from a neighbor. Will this be counted in the GDP for 2015?
a. Yes
b. No
c. Yes, if sales tax is paid
d. No, because the purchase was from an individual not a dealer
b
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According to Robert Reich, Secretary of Labor in the Clinton administration,
A. the identity of American companies is clear, and laws should be written accordingly. B. foreign companies are clearly different from American companies. C. multinational companies have clear bases of operations, which form their identity. D. it is almost impossible to define the nationality of a multinational company. E. identifying the country of origin of a product is almost impossible but essential for proper regulation.
Distinguish between saving and savings. How does investment relate to this distinction, if at all?
What will be an ideal response?
Suppose an economy produces milk and honey, and milk is plotted along the horizontal axis of the production possibilities frontier
If the production in the economy is centrally planned (and not market oriented) so that the MRS for the current production level is 3 but the MRT is 2, then there will be an excess ________ for milk and an excess ________ for honey. A) demand, supply B) demand, demand C) supply, demand D) supply, supply E) The market is in equilibrium, and there are no imbalances in supply or demand.
Along a linear downward-sloping demand curve, the price elasticity of demand will be:
A. Greater than one across each price range B. Less than one across each price range C. Equal to zero across each price range D. Different across each price range