The word "final" in the definition of GDP refers to
A) not counting intermediate goods or services.
B) the time period when production took place.
C) valuing production at market prices.
D) counting the intermediate goods and services used to produce GDP.
A
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Which of the following statements is true of the unemployment rate in a country?
A) It is not correlated with the level of economic activity in a country. B) It normally decreases during periods of both economic expansion and contraction. C) It normally increases during periods of economic expansion and decreases during periods of economic contraction. D) It normally decreases during periods of economic expansion and increases during periods of economic contraction.
When there is an external benefit, the unregulated market
A) overproduces the good or service. B) underproduces the good or service. C) reaches the most efficient solution. D) maximizes public welfare.
What is the? short-run effect of increased deficit spending on an economy experiencing a recessionary? gap?
a. Aggregate demand will increase, creating an inflationary gap. b. Aggregate demand decreases, and the gap widens. c. Aggregate demand increases and the gap closes. d. None of the above
Marginal utility is
A. The change in total utility obtained by consuming one additional unit of a good or service. B. Always negative or zero. C. The diminishing nature of total utility. D. The sum of the total utility of consuming a certain amount of a good.