Which of the following are examples of the gross private domestic investment component of GDP?
I. the purchase of production machinery by IBM
II. an increase in the finished goods inventory at Intel
A) I only
B) II only
C) both I and II
D) neither I nor II
C
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In which statement(s) is "supply" used correctly? (I) "An increase in the price of flour will increase the supply of flour." (II) "As the cost of producing flour rises, the supply of flour will tend to fall."
a. in both statements I and II b. in statement I only c. in statement II only d. in neither statements I nor II
Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower