Money spent on the purchase of a new house is included in the GDP as a part of:
A. Household expenditures on durable goods
B. Personal consumption expenditures
C. Personal saving
D. Gross domestic private investment
D. Gross domestic private investment
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Economic activity moves from a period of expansion to a ________ and then moves into a period of ________ until it reaches a ________.
A. trough; recession; peak B. peak, recession; trough C. peak; expansion; trough D. trough; expansion; peak
Since the Social Security system began in 1935, the number of workers per retiree has
A) continually declined. B) stayed roughly the same. C) continually risen. D) risen and declined with different generations.
Figure 7-7
In Figure 7-7 at 100 units, FC equals
A. 1,000. B. 1,800. C. 800. D. 80.
A tax that is imposed on each unit of an imported good is known as a(n)
a. quota b. ad valorem quota c. implicit quota d. tariff e. subsidy