Gross domestic product (GDP) is defined as:
a. the market value of all final goods and services produced within the borders of a nation.
b. incomes received by all of a nation's households.
c. the quantity of each good and service produced by U.S. residents.
d. none of these.
a
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Increases in the overall price level:
A. increases people's dollar-denominated wealth. B. generally has no effect on spending. C. result in people increasing their consumption. D. result in people reducing their consumption.
Scarcity is
A. a situation in which the resources required to produce the goods and services that people desire are insufficient to satisfy all wants. B. a shortage of goods and services. C. poverty and misery. D. a situation in which the resources for producing the goods and services that people desire are sufficient to satisfy people's desires.
The average price of goods and services in the economy is also known as
A) the price level. B) the inflation rate. C) a market basket. D) the cost of living.
Deadweight loss is
A. the amount of taxes that consumers and monopolists pay. B. the price that consumers pay for a product in excess of the average cost of producing it. C. the loss of output when a perfectly competitive firm becomes a monopolist. D. a loss of benefit to consumers in a monopoly that no one else in society can obtain.