The dollar value of total output in the United States
A) equals the value of all physical goods sold in the United States.
B) equals all the value of U.S. stocks on the world's stock exchanges.
C) equals the value of all resources that can be found in the United States.
D) equals the market value of all final goods and services produced in the United States.
D
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Barter requires the
A) exchange of goods and services directly for other goods and services. B) use of fiat money as a medium of exchange. C) use of commodity money as a medium of payment. D) the triple non-coincidence of wants. E) use of money as a unit of account.
From 1993 to 2012, average real income for the bottom quintile of U.S. households
A) decreased by more than 10%. B) remained virtually unchanged. C) increased by about 5%. D) almost doubled.
The excess burden or deadweight loss of a tax refers to the
a. increase in product price as a result of the tax. b. growth in government funded programs as a result of the revenue generated by the tax. c. loss of disposable income consumers suffer from the tax. d. reduction in gains from mutually beneficial exchanges that are eliminated as a result of the tax.
The opportunity cost of an item is
a. the number of hours needed to earn money to buy the item. b. what you give up to get that item. c. usually less than the dollar value of the item. d. the dollar value of the item.