Which of the following is included in the calculation of GDP?
a. The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country.
b. The purchase of a new edition of a foreign textbook that was produced in a different nation.
c. The purchase of ink and paper supplies by a textbook company for the production of new textbooks.
d. The purchase of a used textbook from a friend who took the same class last year.
a
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Off-budget expenditures are a recent phenomenon, originating during World War I
a. True b. False
The concept that economic growth can do more than just give us more goods and services goes back to Adam Smith
Indicate whether the statement is true or false
Assume all banks in the system started have a 10 percent required reserve ratio and the Fed made a $20,000 open market purchase. The result would be a(n):
A. $200,000 expansion of the money supply. B. $20,000 expansion of the money supply. C. $20,000 contraction of the money supply. D. infinite contraction of the money supply.
Will's Franks originally sold hotdogs and soft drinks from a cart located in front of City Hall. Then Will purchased another hotdog cart and hired someone to sell hotdogs and soft drinks near the high school. Both locations have been successful. When Will's Franks expanded to two locations, which of the following did NOT occur?
A. Production increased. B. The company increased the inputs it employs. C. Will's production function changed. D. The firm employed additional capital.