Which of the following is reflected in the gross domestic product (GDP)?
a. The value of leisure time
b. The value of illegal goods and services
c. The value of final goods produced by firms
d. The cost of depletion of natural resources
e. The value of house maintenance performed by homeowners
c
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Fill in the blank. A(n) ________ market requires perfect and complete information among all participants
A) monopolized B) oligopolized C) perfectly competitive D) effective
Which of the following would shift the supply of dollars in the market for foreign-currency exchange of the open-economy macroeconomic model to the left?
a. the exchange rate rises b. the exchange rate falls c. the expected rate of return on U.S. assets rises d. the expected rate of return on U.S. assets falls
Refer to Table 21.5:Table 21.5QTFCTVCTCAVCMC0 15--1 23 2 43 15 The marginal cost of the third unit of output in Table 21.5 is
A. $15. B. $4. C. $30. D. $3.