Gross domestic product (GDP) understates total economic activity because it ignores household production of goods and services
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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In an oligopolistic market there are
A. few sellers. B. many sellers. C. many buyers. D. few buyers.
Economics
The opportunity cost to the firm of producing one more unit of output is also called marginal cost
Indicate whether the statement is true or false
Economics
According to AD-AS model, the primary long-run effect of increases in the money supply is
A) higher price level. B) higher GDP. C) lower price level. D) lower GDP.
Economics
If the price elasticity of demand is 4 and the price of migraine medicine increases by 6%, what will be the percentage change in quantity demanded?
a. 6% b. 4% c. 24% d. 67%
Economics