The product approach to calculating GDP
A) adds together the market values of final goods and services produced by domestic and foreign-owned factors of production within the nation in some time period.
B) includes the market value of goods and services produced by households for their own consumption but excludes the value of the underground economy.
C) is superior to the income approach because, unlike the income approach, it gives us the real value of output.
D) adds together the market values of final goods, intermediate goods, and goods added to inventories.
A
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Eurocurrency activities take place only in Europe
Indicate whether the statement is true or false
In the Malthusian model, state-mandated population control policies are likely to
A) decrease the equilibrium size of the population and increase the equilibrium level of consumption per worker. B) decrease the equilibrium size of the population and have no effect on the equilibrium level of consumption per worker. C) have no effect on the equilibrium size of the population and increase the equilibrium level of consumption per worker. D) have no effect on either the equilibrium size of the population or the equilibrium level of consumption per worker.
The prospect of a recession in the United States would probably cause the dollar to
a. depreciate because interest rates would be expected to rise. b. depreciate because imports would be expected to rise. c. appreciate because imports would be expected to fall. d. appreciate because interest rates would be expected to decrease.
Suppose that the market for labor is initially in equilibrium. Suppose that workers' tastes change so that they choose to retire at age 70 rather than age 67 . Then the equilibrium wage
a. and the equilibrium quantity of labor will rise. b. and the equilibrium quantity of labor will fall. c. will rise, and the equilibrium quantity of labor will fall. d. will fall, and the equilibrium quantity of labor will rise.