Which of the following expenditures would be included in GDP for this year?
A. The purchase of a new car.
B. The purchase of a new tire by General Motors for a new car.
C. The purchase of a used car.
D. The purchase of an intermediate good.
Answer: A
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Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) federal level; state level B) federal level; state and local levels C) state and local levels; federal level D) local level; federal level
A car dealer sells you a car today in exchange for money in the future. This illustrates which function of money?
A) standard of deferred payment B) unit of account C) medium of exchange D) store of value
With a change in the money supply, a vertical LM curve shifts a horizontal distance equal to
A) that change. B) that change times velocity. C) that change divided by velocity. D) that change times the simple Keynesian multiplier.
For the demand function P = 50 - 5Q,
A. the total revenue is the same whether the price is 20 or 30. B. a producer would do well to price at 50. C. a producer would do well to price at 40. D. a producer could give away only 20.