The total market value of production in an economy must equal total:
A. profits.
B. spending on final goods and services.
C. consumption.
D. revenues from all transactions.
Answer: B
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The difference between Gross National Product and Net National Product is the
A. rate of inflation. B. statistical discrepancy encountered in calculating GDP. C. difference between real versus nominal GDP. D. depreciation of the economy’s capital stock.
Demonstrating how an economic variable changes from one year to the next is best illustrated by a
A) time-series graph. B) scatter diagram. C) Venn diagram. D) linear graph. E) cross-section graph.
Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $12, the firm
A) incurs an economic loss, but will not shut down. B) will not shut down in the short run, but will leave the industry in the long run. C) will shut down. D) is breaking even.
The official term of office of the chairman of the Fed is
a. 2 years. b. 4 years. c. 7 years. d. 14 years.