Refer to the information provided in Table 21.5 below to answer the question(s) that follow. Table 21.5
Refer to Table 21.5. The value of gross domestic product in billions of dollars is
A. 3,190.
B. 3,430.
C. 3,460.
D. 3,650.
Answer: C
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Points on the production possibilities frontier have the property that they
A) are inherently unattainable. B) show the maximum amount of leisure that can be consumed for given amounts of goods consumed. C) show the maximum amount of goods that can be consumed for given amounts of government spending. D) show the maximum amount of leisure that can be consumed for given amounts of hours worked.
Transfer payments are included in the government budget deficit but not included in the government purchases component of GDP
a. True b. False Indicate whether the statement is true or false
In long-run equilibrium, each monopolistically competitive firm can earn positive economic profits due to economies of scale
a. True b. False Indicate whether the statement is true or false
Some people worry that the fast food restaurant industry will have a harder time attracting teenage workers in the years to come because baby boomers had fewer children than earlier generations. a . Explain how fewer teenagers might lead to higher hamburger prices b. Explain how retirees, who need more supplemental income, might change your answer to part a