The value of used goods ________ counted as part of GDP ________
A) are; as long as they are classified as consumption goods
B) are; as long as they are classified as investment goods
C) are not; because they were counted during the period when they were counted as new goods
D) are not; because most fall in value and would cause a decrease in the value of GDP
E) may be; as long as their value has risen
C
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As a result of an increase in the supply of a good, the equilibrium quantity ________ and the equilibrium price ________
A) increases; falls B) increases; rises C) decreases; falls D) decreases; rises
The U.S. can produce pizza for $7.50 each and barrels of beer for $37.50 each, and Germany can produce pizza for €5 each and barrels of beer for €15 each (€ is the symbol for the euro, the currency Germany uses). If the exchange rate is 1
50 $/€ then A) the U.S. has a comparative advantage in the production of beer. B) neither country has a comparative advantage in the production of beer. C) the U.S. has a comparative advantage in the production of pizza. D) the U.S. has a comparative advantage in the production of beer and pizza.