Which of the following would be included in Germany's GNP?
A) the production of BMWs (made by a German-based company) in South Carolina
B) the production of Michelin tires made in Germany by a French company and then sold directly to French consumers
C) the production of BMWs in Germany
D) the production of Michelin tires made in France by a French company and then sold to BMW in Germany for use in BMW cars
E) Answers A and C are correct.
E
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A country reports that when real GDP is $13.0 trillion, aggregate planned expenditure is $14.0 trillion. When real GDP equals $13.0 trillion,
A) planned inventory changes by $1.0 trillion. B) planned inventory changes by -$1.0 trillion. C) both planned and unplanned inventory changes are -$1.0 trillion. D) unplanned inventory changes by -$1.0 trillion. E) unplanned inventory changes by $1.0 trillion.
If a price decrease results in your expenditure on a good decreasing, your demand must be
A) inelastic. B) unit. C) elastic. D) linear.