Home Depot sells new and used doors to contractors who build new homes. Home Depot also sells new and used doors to homeowners. Which of the following would be counted in GDP?
A) the sale of a new door to TapKon construction for installation into a new home
B) the sale of a used door to a homeowner
C) the sale of a new door to homeowner
D) the sale of a used door to TapKon construction for installation into a new home
C
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Refer to the given data. At an $800 level of disposable income, the level of saving is:
(Advanced analysis) Answer the question on the basis of the following consumption schedule: C = 20 + .9Y, where C is consumption and Y is disposable income. A. $180. B. $740. C. $60. D. $18.
Which of the following is indicated by Engel's law?
A. The rate of inflation in an economy is inversely proportional to the rate of unemployment. B. Everything else remaining unchanged, an increase in the price of a commodity lowers the real income of the consumers. C. In the long run the developing countries will grow faster than the developed countries. D. In the long run an increase in per capita income will drive down the relative prices of primary products.