Which of the following is not included in U.S. GDP?
a. The market value of an oil change that Ben performs on his own car.
b. The market value of an oil change at Speedy Lube.
c. The market value of oil purchased by Ben.
d. Production of foreign citizens living in the United States that work in an oil packaging facility.
a
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Which of the following is a monetary policy tool used by the Federal Reserve Bank?
A. Decreasing the rate at which banks can borrow money from the Federal Reserve B. Increasing the reserve requirement from 10% to 12.5% C. Buying 500 million worth of government securities, such as treasury bills D. All of the above
Assume a perfectly competitive industry is in long-run equilibrium at a price of $30. If this industry is an increasing-cost industry and the demand for the product increases, long-run equilibrium will be reestablished at a price
A. of $30. B. less than $30. C. greater than $30. D. either greater than or less than $30 depending on the magnitude of the decrease in demand.