National income accounting is
A. used only to determine the government deficit.
B. the system that measures the value of the Dow Jones average.
C. how the amount of unemployment in the system is measured.
D. an approach to measuring an economy's aggregate performance.
Answer: D
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Suppose a manager of a company is told by his staff that marginal productivity has risen above the average productivity over the last six months of operation
What can this manager conclude is happening to the overall average productivity of the company? Explain.
The long-run average cost curve may initially slope downward due to
A) decreasing average fixed costs. B) increasing marginal returns. C) economies of scale. D) All of the above.
Households supply four basic types of resources. They include all of the following except
a. natural resources b. final goods and services c. capital d. entrepreneurial ability e. labor
The U.S. dollar bill
a. is fiat money b. cannot be used as a medium of exchange c. is backed by gold d. cannot be used as a store of value e. cannot be used as a payment for debts