Gross Domestic Product is a monetary measure of
a. total consumption in the economy.
b. the total value of all final goods and services.
c. total industrial output.
d. the total value of all foreign sales and purchases.
b
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Which of the following does the Sherman Antitrust Act forbid?
a. Monopolization or attempts to monopolize b. All types of price discrimination c. Competition among firms d. Unfair methods of competition e. Privatization of government owned firms
Service sector outputs could be expected to increase in price less than industrial sector outputs as an economy grows
a. True b. False Indicate whether the statement is true or false
Economic theory suggests that the standard of living of American workers would rise if
a. automation were outlawed. b. the minimum wage were doubled. c. technological change increased output per worker. d. a larger proportion of the labor force was unionized.
Per capita GDP will definitely rise if
A. The rate of economic growth is less than the rate of population growth. B. The population falls and GDP does not fall. C. There is a decrease in the size of the working population. D. The rate of economic growth falls.