GDP includes the goods and services produced
A) within a country's borders by citizens and by non-citizens minus the production abroad by the country's citizens.
B) within a country's borders by citizens and by non-citizens.
C) by a country's legal citizens regardless of where in the world they are located.
D) by a country's citizens but not by non-citizens within the country's borders.
E) within a country's borders by citizens and non-citizens plus goods produced abroad by the country's citizens.
B
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Explain why advertising that results in spuriously differentiated products may result in a deadweight loss to total welfare
What will be an ideal response?
The main avenue by which a temporary change in government purchases in the classical model affects the labor supply is by
A. affecting the value of the stock market. B. affecting workers' wealth. C. increasing business confidence. D. changing the population.
Monopolistically competitive industries are characterized by all of the following except
A. Low concentration ratios. B. Independent production decisions. C. Homogeneous products. D. Low entry barriers.
Which of the following is correct for a single-price monopoly?
i. The firm can determine the quantity it produces and the price it charges. ii. It would never profitably produce output in the inelastic range of its demand. iii. Its marginal revenue is less than price. A) i only B) i and iii C) ii only D) ii and iii E) i, ii, and iii