A good produced in 2009 and held in inventory until it is sold in 2010 would be included in which measure of GDP?
A. Half the value in 2009 and half the value in 2010
B. In 2010 GDP
C. In both 2009 and 2010 GDP
D. In 2009 GDP
Answer: D
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What will be an ideal response?
You decide to drive your car on a long road trip of 1,500 miles. The opportunity cost of driving your car:
A. is the amount of money spent on gas. B. is zero because the car is paid for. C. includes lost wages you could have earned instead of driving. D. the total expenses of the trip in the end.
A requirement that the budget be balanced each and every year would worsen the severity of economic fluctuations by preventing which of the following from working?
a. budget surpluses b. budget deficits c. automatic stabilizers d. manual stabilizers
Identify the correct statement about the effect of an expansionary monetary policy in an economy
a. It results in an increase in real gross domestic product in the short run and inflation in the long run. b. It results in a decrease in real gross domestic product in the short run and inflation in the long run. c. It results in an increase in real gross domestic product in the short run and deflation in the long run. d. It results in a decrease in real gross domestic product in the short run and deflation in the long run.