Whirlpool Corporation buys steel in sheets to manufacture refrigerators. Whirlpool also buys a new factory and a metal press to mold the steel. Which purchases are included in GDP?

In which model does there not exist a tradeoff between higher inflation and lower unemployment?

a. monetarist b. real business cycle c. new classical d. classical e. a tradeoff exists in all of the above

Marginal revenue product describes the:

A.  Output produced by the last unit of labor employed B.  Revenue received for the last unit of output produced C.  Price a consumer paid for the last unit of output produced D.  Revenue received for the additional output produced by the last unit of labor employed