The sale of
A) a used textbook does enter GNP.
B) a used textbook does not enter GNP, but the sale of a used house does.
C) both a used textbook and a used house do not enter GNP.
D) a used house does not enter GNP, but the sale of a used book does.
E) the GNP does not include sale of used items priced below $1000.
C
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Refer to Figure 7-4. If consumers paid the full price of medical services, the price they would pay is
A) $25. B) $40. C) $55. D) >$55.
Music compact discs are normal goods. What will happen to the equilibrium price and quantity of music compact discs if musicians accept lower royalties, compact disc players become cheaper, more firms start producing music compact discs, and music lovers experience an increase in income?
a. Price will fall, and the effect on quantity is ambiguous. b. Price will rise, and the effect on quantity is ambiguous. c. Quantity will fall, and the effect on price is ambiguous. d. Quantity will rise, and the effect on price is ambiguous.
Imports account for approximately ___ percent of U.S. GDP.
A. 2 B. 7 C. 14 D. 25
Use the figure below to answer the following question.
What is the amount of government revenue after the government imposes the excise tax on the market?
A. $16 B. $40 C. $20 D. $32