When measuring GDP,
A) the government sector is not included because it is the public sector not the private sector.
B) the government sector is counted, and the value of the government sector in GDP is equal to its tax revenue.
C) only the federal government's expenditure on goods and services are included.
D) the expenditure on goods and services by all levels of government are included.
E) the government sector is not counted because it does not produce goods and services.
D
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Which of the following markets is closest to a monopoly?
A) a firm with a 90% market share B) the only gas station for 100 miles C) cable television D) garbage disposal
More buyer power means
a. Buyers would find it easier to capture the value created b. Buyers would find it more difficult to capture the value created c. Buyers would not be able to capture any value created d. None of the above
Real dollar amounts are essentially the same as nominal dollars.
A. True B. False C. Uncertain
The reason firms often choose sales maximization as a goal is because
a. that is where profits are maximized. b. it is impossible to maximize profits. c. firms are managed and owned by different groups of people with different goals. d. owners believe setting price/output to maximize profits is unfair to consumers.