GDP is the total value of all _____ goods and services produced within a nation's borders in a given time period.
A.) final
B.) unfinished
C.) intermediate
D.) non-exported
A.) final
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In a housing market with a rent ceiling below the equilibrium rent, apartment seekers spend more time searching for an apartment than they would in a housing market without a rent ceiling. Why does this difference exist?
A) In the market with the rent ceiling, renters are searching for the best buy in apartments. B) In the market with the rent ceiling, there is a wide variety in the quality of apartments for rent. C) In the market with the rent ceiling, the quantity of housing demanded is greater than quantity supplied at the ceiling price. D) The premise of the question is incorrect because people spend less time searching with a rent ceiling since they no longer need to look for a low-priced apartment. E) The premise of the question is incorrect because there is no difference in the search time between a market with a rent ceiling and one without a ceiling.
A deadweight loss:
A. can be large in a perfectly competitive market. B. is a reduction in aggregate surplus below its maximum possible value. C. is independent the amount produced and consumed. D. is equal to the difference between total willingness to pay and the total avoidable cost of production.
The U.S. has one of the highest unionization rates of all the industrialized countries around the world
a. True b. False Indicate whether the statement is true or false
A stimulus to aggregate demand will normally pull prices up but cause a reduction in output
a. True b. False Indicate whether the statement is true or false