Which of the following would be directly counted in GDP for 2015?
A) windows purchased from Pella in 2015 to be installed in a house built in 1945
B) windows built in 1945 which were salvaged from a 1945 house and are going to be used in a newly-built house
C) windows built in 1945 which were salvaged from a 1945 house and are going to be used in a house built in 1950
D) none of the above
A
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Gross domestic product (GDP) is the ________ in a given time period
A) value of personal consumption expenditures, gross private domestic investment, and federal government expenditures B) sum of wage and salary compensation of employees and corporate profits C) value of all final and intermediate goods and services produced by the economy excluding those goods exported to foreign nations D) market value of final goods and services produced by the economy
Refer to Figure 12-15. Suppose a typical firm in a perfectly competitive market is earning economic profits in the short run. Which of the diagrams in the figure depicts what happens in the industry as it transitions to a long-run equilibrium?
A) Panel A B) Panel B C) Panel C D) Panel D