Assume that the telephone company built a new plant this year. The value of the new plant is
a. counted in GDP as public investment
b. not counted in GDP
c. not included in private investment spending
d. an intermediate good, but it is not counted in GDP
e. included in GDP
E
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Suppose anyone with a driver's license is capable of supplying one trip from the airport to the downtown business center on any given day. The long-run supply curve of such trips is horizontal at p = $50, which is the average cost of such trips. Suppose daily demand is Q = 1000 - 10p. Calculate the change in consumer surplus, producer surplus and social welfare if the city government requires
those people supplying such trips to possess a special license, and the government will issue only 300 licenses. What will be an ideal response?
The production function for a good is a downward-sloping linear curve
a. True b. False Indicate whether the statement is true or false