Which of the following would be counted as investment when calculating gross domestic product?
a) the purchase of a used computer by an auto manufacturer
b) the purchase of a share of IBM stock by an employee
c) the construction of a new house
d) the construction of roads by the government
e) the profit earned when selling shares of stock
Ans: c) the construction of a new house
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The question of "How are goods and services produced?" most closely addresses which of the following issues?
A) Why are Christmas trees popular only in December? B) Should contractors build residential housing or shopping malls? C) Is income distributed fairly in the United States? D) Should Ford build SUVs or luxury cars? E) Should Ford use expensive industrial robots or inexpensive Mexican autoworkers to produce SUVs?
Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. What are the equilibrium price and quantity (in thousands) for Bubba's Fried Jellybeans?
A) $40 and 5 thousand B) $20 and 20 thousand C) $60 and 10 thousand D) $80 and 40 thousand