Which of the following methods could be used to calculate GDP?
a. the sum of all spending on final goods and services
b. the sum of all factor payments plus depreciation and indirect business taxes
c. the sum of all values added at each stage of production
d. All of the above could be used.
d
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Since World War II, the likelihood that any single item in the typical consumption basket of a consumer in the U.S. originated outside of the U.S
A) remained constant. B) increased. C) decreased. D) fluctuated widely with no clear trend. E) increased slightly before dropping off.
Karen, Tara, and Chelsea each buy ice cream and paperback novels to enjoy on hot summer days. Ice cream costs $5 per gallon, and paperback novels cost $8 each. Karen has a budget of $80, Tara has a budget of $60, and Chelsea has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 8 gallons of ice cream and 5 paperback novels?
a. Karen, Tara, and Chelsea b. Karen only c. Tara and Chelsea but not Karen d. none of the women