Which of the following would be directly counted in GDP in 2018?
A) kitchen cabinets purchased from Home Depot in 2018 to be installed in a house built in 1997
B) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a brand new country-style home
C) kitchen cabinets built in 1887, extracted from the 1887 home, and installed in a farm house built in 1950
D) none of the above
Answer: A
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Some economists believe that technological progress could be increased if the federal government
a. nationalized research facilities. b. levied taxes on nominal capital gains. c. levied taxes on real capital gains. d. levied taxes on gross rather than net investment.
If the price of apples rises from $.50 to $1.50 and quantity demanded falls from 1,000 to 900, we can conclude that the price elasticity for apples is
a. -20. b. inelastic. c. elastic. d. unitary.