According to the BEA, in the second quarter of 2012 personal consumption expenditures grew by 1.7 percent, gross private domestic investment grew by 3.0 percent,
government expenditure on goods and services decreased by -0.9 percent, imports grew by 2.9%, and exports grew by 6.0%. Given these data, it is most likely that
A) GDP growth was positive in the 2nd quarter.
B) GDP growth was negative in the 2nd quarter.
C) the economy hit a business cycle peak.
D) the economy hit a business cycle trough.
A
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Consumers in Beachland consume only two goods, sodas and DVDs. If they spend $10 on sodas and $90 on DVDs a month, how many sodas and DVDs are in their CPI market basket if the price of a soda is $1 and the price of a DVD is $9?
A) 9 sodas and 1 DVD B) 1 soda and 9 DVDs C) 10 sodas and 9 DVDs D) 10 sodas and 10 DVDs E) It is impossible to determine the market basket without information on the quantity of at least one of the two goods consumed.
Which of the following is subject to double taxation?
A) income earned by people in the lowest tax bracket B) Social Security income C) dividends and retained earnings D) income earned by government employees