Consider the following:
Farmer Jones bought seed and fertilizer for $100.
He grew wheat that he sold to the Acme Bread Company for $200.
Acme Bread produced and sold bread to the ABC Grocery Store for $250.
Consumers bought the bread from the grocery for $350.
How much was added to the GDP?
A) $600 B) $800 C) $350 D) $700
C
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In a move to increase its openness, the Fed has consistently increased the amount of information available to the public. According to the new classical model, the Phillips curve the Fed faces should become more:
a. horizontal. b. very steep. c. vertical. d. unstable.
Under a transferable emissions permit system,
A) the firms with the lowest marginal abatement cost curves will reduce emissions most. B) the firms with the highest marginal abatement cost curves will reduce emissions most. C) the firms with the lowest marginal social cost curves will reduce emissions most. D) the firms with the highest marginal social cost curves will reduce emissions most. E) all firms will reduce emissions equally.