Which of the following statements is TRUE?
A. Gross Domestic Product (GDP) may be calculated using the income or the expenditure approach.
B. The value of intermediate goods is included in Gross Domestic Product (GDP).
C. The value of illegal activities is included in Gross Domestic Product (GDP).
D. The value of a homemaker's services is included in Gross Domestic Product (GDP).
Answer: A
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When will an industry's long-run supply curve be horizontal at firms' break-even price?
a. When expansion of the industry allows new input markets to develop. b. When some firms are more efficient than others. c. When specialized skills play a significant role in production. d. When firms are identical and there is no factor-price effect.
Prices provide signals about resource allocation to all individuals in a ________ system
A) market B) command and control C) central planning D) political
Investment increases when there ________ stock prices.
A. a consolidation of B. are deflated C. is a run up in D. are overvalued
The figure above shows the market for airline tickets. If airline tickets are a normal good, then the recession in 2008 that caused people's incomes to decrease led to a shift from
A) D0 to D1. B) D1 to D0. C) S0 to S1. D) S1 to S0.