The value of goods produced in a previous year but sold in the current year is added to the GDP for the current year.
Answer the following statement true (T) or false (F)
False
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GDP includes:
a. the negative attributes from erosion and deforested landscape. b. all quality improvements resulting from higher quality goods replacing inferior goods. c. the cleaning-up expenses associated with pollution. d. the value of leisure time. e. the illegal activities related to the underground economy.
Which of the following is not a characteristic of the structure of perfectly competitive markets?
A. Each individual firm is small in size relative to the overall market. B. Few sellers. C. Homogeneous product. D. Easy, low cost entry and exit.
According to the law of demand, when the price of gas rises, Question 28 options:
A. people will drive more. B. oil refining companies record financial losses. C. car sales increase. D. people decrease the quantity of gas demanded, perhaps by driving less.
Refer to the graph shown. With an effective price ceiling at $3, total surplus is reduced by:
A. 100. B. 30. C. 20. D. 50.