One way to estimate GDP is to:
A. add together the market value of only final goods sold in the economy and not services.
B. measure the total expenditure of an economy.
C. add together the market value of only final services sold in the economy.
D. add up all the money people spend buying final and intermediate goods and services.
Answer: B
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The table above gives the marginal social cost (which equals the price), marginal private benefit, and marginal social benefit of students attending Diablo Valley College (DVC) in Concord, California
a. When 4,500 students attend DVC, what does the marginal external benefit equal? b. If the market is competitive and left without government intervention, what is the quantity of students that will attend DVC and what will be the price of a course? c. What is the efficient quantity of students attending DVC? d. If the government can set the price per course, in order to have the efficient quantity of students attending DVC, what should the government set as the price?
If a person receives a consumer’s surplus from the purchase of a good, it must be that
A. the amount that the person paid minus the amount that this person values that good is greater than zero. B. the amount that the person values the good minus the amount that this person paid for that good is greater than zero. C. the value is negative because consumers have diminishing marginal utility. D. result is based solely on the supply of the good.
Which of the following is a depository institution?
A) a life insurance company B) a credit union C) a pension fund D) a mutual fund
The demand curve for money
a. shows the amount of money balances that individuals and businesses wish to hold at various levels of private investment. b. reflects the open market operations policy of the Federal Reserve. c. shows the amount of money that households and businesses wish to hold at various rates of interest. d. indicates the amount that consumers wish to borrow at a given interest rate.