GDP measures the output produced by all of a country's resources
a. True
b. False
B
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Elephants are endangered, but cows are not because
a. cows are not as valuable as elephants. b. elephants are a common resource, while cows are private goods. c. cows are a common resource, while elephants are private goods. d. it is legal to kill cows but not elephants.
Which of the following agricultural programs reduces agricultural output rather than increasing it?
A. Marketing orders. B. Farm cost subsidies. C. Direct income support programs. D. Export sales.
If ________, a firm would either operate or shut down in the short run and contract in the long run.
A. AFC > AVC B. TR > TC C. AVC > ATC D. TC > TR
Which of the following statements would you say best reflects monetary policy?
A. It is a hard and fast science. B. It is a lot like gambling because the outcomes are most of the time uncertain. C. Its impact is impossible to predict. D. There is certainly some science involved, a lot of understanding that is needed, but a lot of uncertainty still remains.