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Question
Gross Domestic Product measures
A) the total value of labor used in the economy.
B) the total market value of final goods and services produced within a nationʹs borders.
C) the total income received by residents of a nation.
D) the total worth of all goods consumed within the borders of a nation.
Answer
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Related questions
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The purpose of an effluent fee imposed on a firm isA) to increase output of its product by increasing the resources allocated to production.B) to increase output of its product by reducing the resources allocated to production. C) to reduce output by increasing production costs thereby reducing resources used. D) none of the above
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Refer to the above figure. At a price of $2 per gallon, there isA) a surplus of 20,000 gallons per month. B) a shortage of 40,000 gallons per month.C) a shortage of 80,000 gallons per month. D) a shortage of 60,000 gallons per month.
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Refer to the above figure. Other things being equal, when the government imposes a price floor at P2, then we would expectA) the quantity demanded is Q 2.B) a surplus will occur.C) price to decline until an equilibrium is achieved at P0.D) consumers to bid against each other for goods and force the price even higher.
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Maximum Feasible Hourly Production Rate ChenHollyUnits of Good X5040Units of Good Y25100Suppose that the opportunity cost of producing goods differs between two nations. We can correctly state thatA) the two nations should not specialize in the production of goods.B) specialization can lead to an increase in the production of all goods.C) specialization can lead to an increase in the consumption of all goods.D) neither country has a comparative advantage in the production of any good.
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D) Johnny learns how to read
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Economic growth can be pictured in a production possibilities curve diagram byA) shifting the production possibilities curve in. B) shifting the production possibilities curve out.C) making the production possibilities curve straighter.D) moving from a point inside the production possibilities curve to a point on the curve.
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The exchange rate for a foreign currency that is determined by supply and demand isA) a fixed exchange rate. B) a controlled exchange rate. C) a constrained exchange rate. D) a flexible exchange rate.
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Markets tend to underallocate resources to the production of a good whenA) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
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Markets tend to overallocate resources to the production of a good whenA) there are negative externalities. B) there are positive externalities. C) there are public goods produced. D) equilibrium occurs.
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Which of the following statements is FALSE?
A) The rationing function of prices is not allowed to freely operate when the government imposes price controls.
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Market clearing priceA) refers to a movement along the demand curve. B) refers to a supply curve.C) exists at a the point at which quantity demanded equals quantity supplied. D) refers to a surplus.
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Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will causeA) an increase in the demand for coffee. B) a decrease in the demand for coffee.C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
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Discuss the relationship between world trade and world Gross Domestic Product (GDP) since the early 1950s.
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Goods X and Y are complementary goods. An increase in the price of good X has occurred. In the market for good Y this will lead toA) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.
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The United Statesʹ balance of payments is likely to improve whenA) there is an increase in political instability in other countries.B) the inflation rate in the United States rises relative to other countries.C) the American government increases its spending on foreign aid. D) American people want to invest more in foreign countries.