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Author Question: Which of the following transactions would be included in the official calculation of GDP? A) You ... (Read 75 times)

mynx

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on: Jun 29, 2018
Which of the following transactions would be included in the official calculation of GDP?
 
  A) You wash and wax your father's car as a favor to him.
  B) You illegally download music off the Internet to put on your new iPod.
  C) You buy a new iPod.
  D) A student buys a used textbook at the bookstore.
  E) Firestone sells 2 million worth of tires to General Motors.

Question 2

If total costs are 18,000 for the year, and the firm has fixed costs of 12,000, what is the level of the firm's variable costs?
 
  What will be an ideal response?


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Yixagurpuldink

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

Since total cost is equal to fixed cost plus variable cost, variable cost must be equal to 6,000.


mynx

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Reply #2 on: Jun 29, 2018
Thank you


Yixagurpuldink

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Reply #3 on: Jun 29, 2018
No problemo


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