The sum of the value added at all stages of production for a product is
A. the product's final price.
B. the sum of all the transactions in the production of the product.
C. the product's price minus the value of intermediate goods.
D. the product's price plus the value of intermediate goods.
Answer: A
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Initially, the creation of railroads was opposed in some countries because:
A) it was likely to increase poverty. B) it was likely to increase the cost of trade. C) it was likely to provide more power to monarchs and rulers. D) it was likely to initiate creative destruction.
The short-run macro model
a. relies on the market-clearing assumption b. is used primarily for long-run analysis c. is used primarily for short-run analysis d. focuses on the supply of and demand for resources e. focuses on fluctuations in the financial markets to explain fluctuations in real GDP
Why is oligopoly more difficult to model than competition or monopoly?
If a component of aggregate demand increases,
A) GDP in the United States is likely to increase less than that component of spending increased. B) GDP in the United States is likely to increase more than that component of spending increased. C) GDP in the United States is likely to decrease. D) GDP in the United States will not change.