Gross domestic product (GDP) includes
ONLY final goods and services
You might also like to view...
If the price of inputs rises and personal income taxes rise:
a. Price index rises, and the change in real GDP is uncertain. b. Price index falls, and real GDP rises. c. Price index falls, and real GDP falls. d. Price index falls, and the change in real GDP is uncertain. e. The change in price index is uncertain, and real GDP falls.
Consider the labor market for short-order cooks. An increase in immigration will cause
a. both equilibrium wages and equilibrium employment to increase. b. both equilibrium wages and equilibrium employment to decrease. c. equilibrium wages to increase and equilibrium employment to decrease. d. equilibrium wages to decrease and equilibrium employment to increase.
In the figure above, if price DECREASES from $60 to $40, an arrow representing the QUANTITY effect
A. will be shorter than (and in opposite direction of) the arrow representing the price effect. B. will point in the direction in which total revenue will move. C. will point downward. D. will be shorter than (and in same direction of) the arrow representing the price effect. E. both a and d
The process of turning a government enterprise into a private enterprise is:
A. marketization. B. entrepreneurship. C. nationalization. D. privatization.