The best definition of GDP is
A. A physical measure of the capital stock of the economy.
B. The sum of the physical amounts of goods and services in the economy.
C. A dollar measure of final output produced during a given time period within a nation's borders.
D. A measure of the per capita economic growth rate of the economy.
Answer: C
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A tax of $0.25 is imposed on each bag of potato chips that is sold. The tax decreases producer surplus by $600 per day, generates tax revenue of $1,220 per day, and decreases the equilibrium quantity of potato chips by 120 bags per day. The tax
a. decreases consumer surplus by $645 per day. b. decreases the equilibrium quantity from 6,000 bags per day to 5,880 bags per day. c. decreases total surplus from $3,000 to $1,800 per day. d. creates a deadweight loss of $15 per day.
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Please provide the best answer for the statement.
The Emission Trading Scheme of the European Union
A. allowed firms to benefit from emitting pollutants. B. sets the amount of per-unit tax on each pollutant. C. created a market for pollutants. D. sets a cap on the amount of pollutants in each country.