Which of the following is included in the consumption component of U.S. GDP?
a. purchases of staplers, paper clips, and pens by U.S. business firms
b. purchases of natural gas by U.S. households
c. purchases of newly constructed homes by U.S. households
d. All of the above are correct.
b
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Refer to the above figures with consumption schedules in figure (A) and saving schedules in figure (B), which correspond to each other across different levels of disposable income. If, in figure (A), consumption shifts from A 2 to A 3 because of a change in taxes, then in figure (B) line:
A. B 2 will shift to B 3
B. B 1 will shift to B 2
C. B 2 will shift to B 1
D. B 3 will shift to B 2
Consider a perfectly competitive industry in a long-run equilibrium. If a single firm in that industry discovers a significant cost-saving production technology, then:
A. all firms in the market will earn an economic profit in the short run. B. the firm will earn an economic profit in the long run. C. all the firms in the market will earn an economic profit in the long run. D. the rest of the industry will quickly adopt the new technology.