Which of the following raise the measured GDP by $2 0 00? Briefly explain w hy o

Question

Which of the following raise the measured GDP by $2000? Briefly explain why or why not?

i) A steel company sells $2000 of steel to a car manufacturer?

ii) You are hired by the government to shuffle paper (uselessly) for $2000?

iii)An antique dealer sells a $20,000 armoire, pocketing a $2000 commission.

iv) You receive $2000 worth unemployment insurance checks from the government over your spell of unemployment.

True or False (briefly explain): “Monopoly is a bad thing for consumers but a good thing for producers. Therefore, on balance, we cannot be sure that monopoly is responsible for any loss in economic welfare.”

True or False (briefly explain): “When price equals marginal cost, profit must equal zero.”

Explanation / Answer

1.

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