Gross domestic product can be calculated
A) either by valuing the nation's output of goods and services or by valuing the income generated in the production process.
B) by adding up the personal consumption of all members of the society.
C) by adding up the value of all intermediate goods used in the economy.
D) by adding up the income tax returns of all members of the society.
A
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The above table shows production points on Sweet-Tooth Land's production possibilities frontier. A movement from ________ represents the greatest opportunity cost of increasing cola production
A) point E to point D B) point D to point C C) point C to point B D) point B to point A
The economy has gone into a recession. You have majored in computer science and, because of the recession, have difficulty in finding a job. Should you go back to school and get a second major?
A) No, the recession will have no impact on my ability to get a job or my future income. B) No, the recession will most likely be short-lived and I can get a job after it is over. C) Yes, the recession will lower income in my field permanently. D) Yes, the recession will ensure that you will never find a job as a programmer.
Creating money is the same as creating wealth
a. True b. False
The law of diminishing marginal product is NOT responsible for the shape of
A. the average variable cost curve. B. the total cost curve. C. marginal cost curve. D. total fixed cost curve.