If you buy a second-hand, American-made laptop computer to use for taking notes in your economics class, then it will be classified in GDP accounting as
a. a used good and not counted as part of GDP
b. a consumption expenditure
c. an investment expenditure
d. a household expenditure
e. a service good
A
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In the study of macroeconomics, production leads to income, and income leads to production in a continuing cycle
Indicate whether the statement is true or false
If there is inflation and we compare the changes in a nominal variable over time versus its real counterpart, such as the nominal wage rate versus the real wage rate, we find that the
A) two increase at about the same rate because of inflation. B) real wage rate increases faster because of inflation. C) nominal wage rate increases faster because of inflation. D) two decrease at about the same rate because of inflation. E) two change at a rate that does not depend on the inflation rate.