Which of the following would be omitted in the calculation of GDP?
a. a two-year old house sold on the market
b. an apple sold at a supermarket
c. a box of cereal sold at a convenient store
d. a newly-made souvenir sold at a resort
a. a two-year old house sold on the market
Economics
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If the growth rate of nominal GDP and the rate of inflation in an economy are 4% and 1% respectively, the growth rate of real GDP in the economy must be:
A) 4%. B) 1%. C) 3%. D) 5%.
Economics
Ricky is in a consumer equilibrium. Given the prices of goods, Ricky has allocated all his income such that his marginal utility per dollar spent is ________ for ________ goods
A) as small as possible; all B) equal; all C) equal; normal D) maximized; all
Economics