To calculate GDP using the value-added method, one would add up
A) the market value of final goods and services produced during a particular period.
B) only the value added by the underground economy.
C) the value added by each firm involved in the production of final goods and services.
D) the market value of intermediate goods and services produced during a particular period.
Answer: C
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Which group of features is shared by all games?
A) rules, strategies, payoffs, outcome B) rules, profit, payoffs, outcome C) profit, strategies, payoffs, cheating D) rules, cheating, payoffs, outcome
Two goods are considered substitutes if
a. a decrease in the demand for one leads to a decrease in the supply of the other. b. an increase in the demand for one leads to a decrease in the supply of the other. c. an increase in the price of one leads to an increase in the demand for the other. d. a decrease in the price of one leads to an increase in the demand for the other. e. a decrease in the supply of one leads producers to switch to production of the other.
Combined federal, state, and local government expenditures in the United States were approximately 9 percent of the gross domestic product (GDP) in 1930 . How large were government expenditures as a share of GDP in 2012?
a. approximately 15 percent b. approximately 25 percent c. approximately 30 percent d. approximately 38 percent
Scalping activity arises when
A. the prices of goods are restricted to levels below equilibrium prices. B. the quantities of goods demanded and supplied are allowed to adjust to their equilibrium levels. C. the prices of goods are restricted to levels above equilibrium prices. D. the prices of goods are allowed to adjust to their equilibrium levels.