Which of the following would be included in this year's gross domestic product (GDP)?
a. One hundred shares of IBM stock that Tony sold this May
b. A used car that Tracey sold to Justin
c. George's purchase of a fishing rod and reel at a garage sale
d. Sharon giving Dennis $20 as a reward for finding her ring
e. A bucket of Kentucky Fried Chicken that Kate bought this July
e
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Giuseppe's Pizza is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price is $15, how much economic profit does the firm make?
A) $0 B) $30 C) -$10 D) -$15
Suppose that in 2016, all prices in the economy double and that all wages and salaries also double. In 2016 you
A) are no better off or worse off than you were in 2015 as the purchasing power of your salary has remained the same. B) are better off than you were in 2015 as your salary is higher than it was in 2015 and you can now buy more goods and services. C) are worse off than you were in 2015 as you can no longer afford to buy as many goods and services. D) cannot determine whether you are better off or worse off than you were in 2015, because the purchasing power of your salary cannot be determined.