The value of the films starring Charlie Chaplin produced in the United States that still exist will not be included in this year's U.S. gross domestic product (GDP) because:
a. Charlie Chaplin was not an American citizen
b. Charlie Chaplin did not make the films this year.
c. the films earn less revenue.
d. the films no longer have any value except to collectors.
e. films are intermediate goods.
b
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
According to the classical model, a 10-percent increase in the money supply, holding everything else constant, will lead to
a. a 10% increase in prices, a 10% increase in the real wage, and a 10% increase in interest rates. b. a 10% increase in prices, a 10% increase in the money wage, and a 10% increase in interest rates. c. a 10% increase in prices, a 10% increase in the money wage, and no change in interest rates. d. a 10% increase in prices and no change in the money wage or interest rates. e. none of the above.
Gains from trade will be possible as long as
A) people have different endowments. B) people place different values on some goods. C) marginal rates of substitution are equal across individuals. D) excess supply equals excess demand.
According to the Laffer curve, increases in the tax rate will lead to a(n)
A) steady decrease in tax revenues. B) steady increase in tax revenues. C) initial decrease in tax revenues and then an increase in tax revenues. D) initial increase in tax revenues and then a decrease in tax revenues.