Going to the dentist would be counted in GDP as
A) insurance utilization. B) a measure of welfare.
C) a service. D) crowns and fillings.
C
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Which of the following costs always declines as output increases?
A) Average cost B) Marginal cost C) Fixed cost D) Average fixed cost E) Average variable cost
GDP excludes the value of intermediate goods because their value is included in the value of final goods
a. True b. False Indicate whether the statement is true or false
Figure 9-6 shows the marginal cost and average total cost curves for a perfectly competitive firm. This firm will
a.
earn an economic profit
b.
suffer an economic loss in this long-run situation
c.
suffer an economic loss in the short run and close
d.
break even if it expands to 180 units of output
e.
suffer an economic loss and continue producing in the short run