Which of the following would not be counted as a final good for inclusion in GDP?
a. a piece of glass bought by a consumer to fix a broken window
b. a sheet of glass purchased by General Motors for the side window of a new car
c. a sheet of glass produced this year and ending up in the inventory of a retail hardware store
d. All of the above are counted.
b
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The term "property rights" refers to
A) the physical possession of a house or any other property which the owner legally purchased. B) the ability to exercise control over one's own resources within the confines of the law. C) the right of a business not to have its assets confiscated by the government in the event that the business is accused of committing fraud. D) the government's right to appropriate land from wealthy land owners to redistribute to peasants.
Suppose a monopolistically competitive firm's output where marginal revenue equals marginal cost is 66 units and the price corresponding to this quantity is $18. If the average total cost at this output is $16.55, then its total profit is
A) $1,188. B) $1,092.30. C) $95.70. D) $1.45.