Gross domestic product is calculated by summing up the
A) total quantity of goods produced in the economy during a particular year.
B) total quantity of final goods and services produced in the economy during a particular year.
C) total market value of final goods produced in the economy during a particular year.
D) total market value of final goods and services produced in the economy during a particular year.
D
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The labor force equals the number of people
A) in the working-age population. B) employed. C) unemployed. D) employed plus unemployed.
If a country's currency has a market driven value that is higher than economic theory would suggest, the currency is considered to be
A) overvalued. B) undervalued. C) overestimated. D) in arbitrage.
Demand for a good will always rise when:
a. the price of a complementary good falls. b. the price of a substitute good falls. c. tastes change. d. incomes decrease. e. the price of the good falls.
Public choice theory suggests that politicians will be most likely to favor redistribution of income from
a. the rich to the poor. b. unorganized taxpayers to well-organized interest groups. c. well-organized business groups to consumers. d. none of the above.