In the definition of GDP, "market value" refers to
A) valuing production in production units.
B) not counting intermediate products.
C) valuing production according to the market price.
D) when the production took place.
C
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In the expression for present value of benefits (PVB), ?(bt/[1+rs]t), with bt= Bt/(1 + p)t,
a. bt represents incremental nominal benefits b. Bt represents incremental real benefits c. bt represents incremental real benefits d. p stands for the opportunity cost of money
A few years ago, you bought a bond with no expiration and a fixed annual interest payment of $1,000 at a price of $10,000. If the interest rate in the economy is now 12.5% a year and you want to sell the bond, the maximum price that you can get for it is
A. $7,500. B. $12,500. C. $9,750. D. $8,000.
Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, there is an
A) excess supply of 10 t-shirts. B) excess supply of 8 t-shirts. C) excess demand of 8 t-shirts. D) excess demand of 10 t-shirts.
Refer to the figure above. If a per-unit tax of $3 is imposed on the sale of Good X, what is the tax revenue received by the government?
A) $20 million B) $10 million C) $12 million D) $60 million