The difference between Gross National Product and Net National Product is the
A. rate of inflation.
B. statistical discrepancy encountered in calculating GDP.
C. difference between real versus nominal GDP.
D. depreciation of the economy’s capital stock.
Answer: D
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Which of the following is a macroeconomics question?
A) What factors determine the price of carrots? B) What determines the production of DVDs? C) What determines the inflation rate? D) What determines the wage of auto workers?
The key distinguishing characteristic of an oligopoly is the:
A) presence of long-run economic profits. B) fact that in all cases firms produce a standardized product. C) mutual interdependence of the firms in the market. D) near total absence of advertising.
Developing countries tend to focus more on the goal of economic growth than developed countries.
Answer the following statement true (T) or false (F)
Which of the following statements about economic scarcity is FALSE?
A. Scarcity only occurs if there are shortages and people wait in line to buy things. B. Scarcity results in the necessity to make choices. C. Scarcity results from not having enough resources to produce all the things we want. D. Scarcity occurs among the poor and the rich.