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