The expenditure method of measuring GDP is calculated by adding up:
a. the final goods and services produced domestically during a given period
b. C + I + G + (X M).
c. domestic production of final goods and services for consumers, firms, government, and the international sector (through net exports).
d. all of the above.
d
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A 2 percent increase in the price of neckties leads to a 5 percent decrease in the quantity demanded of neckties. The absolute price elasticity of demand is
A) 2.5. B) 1. C) 0.4. D) 0.2.
A sales tax is an example of an excise tax
Indicate whether the statement is true or false
A good example of _______ is the merger between a steel firm and an ice cream firm
a. a horizontal merger b. a vertical merger c. a conglomerate merger d. either a horizontal or vertical merger, depending on whether the oligopoly is balanced or unbalanced e. either a horizontal or vertical merger, depending on the market shares of the two companies
The presence of discouraged workers may cause:
A. GDP to be too large. B. the employment rate to be understated. C. the unemployment rate to be overstated. D. the unemployment rate to be understated.