Economists generally use gross domestic product to measure a nation's total output because it
a. equals the sales value of all transactions conducted during a period and, thus, can be easily calculated.
b. is the best available measure of the market value of all final goods and services produced during a period.
c. is unaffected by changes in the prices of products over time.
d. is a reliable indicator of the social progress of a nation over time.
B
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Macroeconomic issues include all of the following EXCEPT:
A. economic growth B. energy reserves C. recessions and expansions D. productivity
Suppose that real GDP for 2015 was $10,000 billion and real GDP for 2016 was $11,000 billion. What is the rate of growth of real GDP between 2015 and 2016?
A) 1% B) 2% C) 5% D) 10%
In the U.S. economy, building human capital is more important than building physical capital
a. True b. False Indicate whether the statement is true or false
Explain why people might work less if the wage increases.
What will be an ideal response?