Which of the following is likely to be included in a country's Gross Domestic Product in a particular year?
A) An unsold inventory of automobiles produced in that year
B) The total amount steel used in the production of automobiles in that year
C) The total amount of flour used by bakeries to make bread in that year
D) An unused stock of goods produced in the previous year
A
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When the economy suffers a temporary negative supply shock and the monetary policy makers try to stabilize economic activity in the short run, then
A) aggregate demand curve shifts rightward. B) output will be at its potential. C) inflation rate will be higher. D) all of the above. E) both A and B.
How do online auction sites like Ebay attempt to overcome the asymmetric information problems associated with goods that the buyer cannot personally inspect before purchase?
A) The online auction firm only allows high-quality merchandise to be sold at their site. B) The previous performance (reputations) of the buyer and seller are posted for public review. C) Buyers can take receipt of any goods before they have to pay the seller. D) all of the above