Gross domestic product measures
A. the total income of everyone in the economy.
B. the value of all output in the economy.
C. the total spending of everyone in the economy.
D. all of the above
Answer: D
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What happens to U.S. GDP when foreign countries experience prosperity?
A) It increases because the United States will export more product to those countries. B) It does not change because U.S. GDP is not affected by other countries' prosperity. C) It decreases because the foreign countries will be able to export more at a lower cost. D) It decreases because the foreign countries will now buy more of their own products.
The term "market" refers only to trading arrangements that have been approved by the government
Indicate whether the statement is true or false
Which of the following would shift the supply curve for energy drinks to the left?
A) a decrease in the number of firms that produce energy drinks B) an increase in consumer income (assuming that energy drinks are normal goods) C) a decrease in the expected future price of energy drinks D) a decrease in the price of an input used to produce energy drinks
The perfectly competitive market structure benefits consumers because
A) firms add a much smaller markup over average cost than firms in any other type of market structure. B) firms produce high-quality goods at low prices. C) firms do not produce goods at the lowest possible price in the long run. D) firms are forced by competitive pressure to be as efficient as possible.