GDP consistently measures the output of goods and services in all countries
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
What effect on the price of hiring a lawyer to draw up a will would the opportunity-cost theory predict as a consequence of legislation requiring the use of a lawyer in all real estate transactions?
A) A higher price as the market becomes flooded with lawyers. B) A higher price as lawyers find it costs them more to draw up wills C) No effect because prices are determined by demand, not by cost. D) A lower price as the market becomes flooded with lawyers E) A lower price as lawyers find they can now obtain their desired income level with lower fees
If the demand for money is Md = 100 +.25Y – 100r and then the increase in money demand rises by 100, the LM curve shifts to the
a. right by 400. b. right by 100. c. left by 200. d. left by 400. e. none of the above.
Total revenue is:
A. the amount that an individual gets paid over a specified period of time, typically annually. B. the quantity sold multiplied by the price paid for each unit. C. the amount that a firm spends on all inputs that go into producing a good or service. D. the quantity produced multiplied by the cost of producing each unit.
Other things the same, what happens to the price level and quantity of output when an adverse shift in the short run aggregate supply curve occurs?