The dollar value of an industry's sales minus the value of intermediate goods is
A. value added.
B. NDP.
C. GDP.
D. transfer payments.
Answer: A
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Which of the following is a normative concept?
a. Nash equilibrium. b. Stackelberg equilibrium. c. Pareto optimality. d. Nash equilibrium, Stackelberg equilibrium, and Pareto optimality are all normative concepts.
Blutarsky is throwing a party at his Fraternity and is trying to choose what booze to buy. A bottle of vodka has four times the alcohol as a six-pack of beer
If Blutarsky only cares about the total amount of alcohol in his basket, what is his marginal rate of substitution of bottles of vodka for six-packs of beer? Devise a utility function to represent these preferences.
The United States is one of the most marketized economies in the world
a. True b. False Indicate whether the statement is true or false
If demand is elastic, a price reduction will lead to an increase in total revenue.
Answer the following statement true (T) or false (F)