E&S Cooling Co installs air conditioning systems in new houses for homebuilders, and replacement systems for homeowners. Sales of which systems are included in this year's GDP?
a. Sales of replacement systems
b. Sales of both systems
c. Sales of systems in new houses
d. Neither system would be included, because they are always intermediate goods.
a
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The currency of the United States is:
a. backed dollar for dollar by gold. b. backed by a gold cover of 50 percent. c. not backed by any precious metal. d. backed by the government's silver reserves. e. backed by the government's gold and silver reserves.
A good is considered nonexcludable if
a. many individuals can share in the consumption of the same unit of the good. b. the consumption of the good by one individual lowers the amount available for others. c. it is impossible or very costly to exclude nonpaying customers from receiving the good. d. its production is financed through tax revenue rather than market prices.