Which of the following would be included in the calculation of Gross Domestic Product (GDP)?
A) the value of spending on new machinery and equipment
B) the value of the sale of 1,000 shares of IBM stock
C) the value of transfer payments
D) the value of the sale of a used guitar
A
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Which of the following is an example of a durable good?
(A) A box of cereal (B) A pack of baseball cards (C) A used car (D) A paperback book
Which of the following "quotations", according to chapter 23, best summarizes Keynes conclusions about the lessons of the depression for the nature of capitalism?
a. "It is in determining the volume, not the direction, of actual employment that the existing system has broken down.". b. "An economic system that forgets to find work for millions of men and women, cannot be trusted to perform any task in an intelligent fashion.". c. "The depression is essentially a problem of reliance on a private banking system for the provision of an inherently public good, money.". d. "The rules of sound finance, namely stable prices and balanced budgets, apply as much to the present crisis, as they do in more pleasant times.".