During the current quarter, a firm produces consumer goods and adds some of those goods to its inventory rather than selling them. The value of the goods added to inventory is
a. not included in the current quarter GDP.
b. included in the current quarter GDP as investment.
c. included in the current quarter GDP as consumption.
d. included in the current quarter GDP as a statistical discrepancy.
b
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A shift in the supply curve of bicycles resulting from higher steel prices will lead to
a. higher prices of bicycles. b. lower prices of bicycles. c. a shift in the demand curve for bicycles. d. larger output of bicycles. e. no change in the price of bicycles.
Which of the following is an example of trade policy at the national level?
a. Congress passing legislation to prevent dumping. b. The European Union adopting a common currency c. The World Trade Organization holding a round of negotiations in France d. The U.S. International Trade Commission