Gross domestic product includes
a. all intermediate and final goods and services produced.
b. the current production of final goods and services with a country's borders.
c. exchanges of assets.
d. the current production of final goods and services by a country's citizens.
e. All of the above
B
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There is no incentive for additional producers of an information product to enter the industry when the price charged for these products by each firm already in the industry is equal to
A) marginal cost. B) average total cost. C) average fixed cost. D) average variable cost.
The aggregate demand curve indicates the relationship between:
a. the real wage rate and the quality of resources demanded by producers of goods and services. b. the interest rate and the amount of loanable funds demanded by borrowers. c. the natural rate of unemployment and the demand for goods and services when the economy is in long-run equilibrium. d. the general price level and the aggregate quantity of goods and services demanded.
Graphically, what impact would an increase in the price of jet fuel have on the market for air travel?
a. It would shift the supply curve for air travel to the right. b. It would shift the supply curve for air travel to the left. c. It would shift the demand curve for air travel to the right. d. It would shift the demand curve for air travel to the left.
The labor force participation rate:
A. is used as an indication of the health of the overall economy. B. typically rises during times of recession, as more people need work. C. tells us what fraction of the working-age population wants to be working, whether or not they actually have a job. D. All of these are true.