Which of the following would not be included in the calculation of this year's GDP?
A) a headlight bulb purchased at Joe's Auto Supply by Olivia to replace a burnt out bulb in her car
B) a headlight bulb purchased by Ford Motor Co. from a supplier
C) a headlight bulb produced but not sold this year and thus ending up as inventory
D) none of the above, i.e., all would be included
B
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The investment function would shift inward to the left if
A) real disposable income decreased. B) there was an increase in business taxes. C) interest rates increased. D) there was a positive change in productive technology.
If concerns about mad-cow disease impose economic losses on the perfectly competitive cattle ranchers, exit by the ranchers combined with no further changes in the demand for beef will force the price of beef to
A) decrease. B) not change. C) increase. D) fluctuate, with the trend being lower prices. E) probably change, but more information about the market supply of beef is needed to answer the question.