The market value of all final goods and services produced in a nation during a particular period is called the:
a. gross domestic product.
b. net national product
c. national income.
d. gross national product.
e. gross world product.
a
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If elected officials prefer policy actions that make benefits available quickly while deferring costs, they will be inclined to favor
A) an easier monetary policy to counter recession. B) increased appropriations to provide jobs for unemployed workers. C) a wage and price freeze to control inflation. D) all of the above. E) none of the above.
Refer to Scenario 2.1. What is the equilibrium price of books?
A) 5 B) 10 C) 15 D) 20 E) none of the above
Expansionary fiscal policy:
What will be an ideal response?
In the classical model, how do shifts in aggregate demand affect real GDP?
A. Increases in aggregate demand decrease real GDP. B. Increases in aggregate demand increase real GDP. C. Real GDP will remain unchanged. D. Decreases in aggregate demand increase real GDP.