Recently, the government made adjustments to how GDP is calculated that included placing software purchases into the category of
A) intermediate goods because software is not a final good.
B) inventory and now software purchases are not directly counted as part of GDP.
C) investment and now directly counts software purchases as part of GDP.
D) net exports of goods and services because most software is written abroad.
E) net operating surplus.
C
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In Figure 17-3 above, SAS0 must shift to SAS1 when
A) the actual price level rises. B) the expected price level rises. C) AD0 shifts to AD1. D) the nominal money supply rises.
Refer to the above table. Suppose the marginal revenue product of the 5th worker is $800. This implies that
A) the price of the good is $5.33. B) the price of the good is $8. C) the price of the good is $70. D) we cannot tell what the price of the good is without more information.