Which of the following transactions would be included in the official calculation of GDP?
A) You wash and wax your father's car as a favor to him.
B) You illegally download music off the Internet to put on your new iPod.
C) You buy a new iPod.
D) A student buys a used textbook at the bookstore.
E) Firestone sells $2 million worth of tires to General Motors.
C
Economics
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The economist who recognized that lags in policy can explain the difficulty in conducting monetary policy was
A) Adam Smith. B) John Nash. C) Milton Friedman. D) Joseph Schumpeter.
Economics
Suppose that last year the Consumer Price Index was 124; this year it is 130.7. What was the inflation rate between these years?
A) 30.7 percent B) 6.7 percent C) 5.4 percent D) 5.1 percent
Economics