Final goods or services used to compute GDP refer to:
a. the sum of all wages paid to laborers
b. the factors of production used to produce output.
c. goods and services purchased by the ultimate users.
d. the value of outstanding shares of stock of manufacturing firms.
c
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Aggregate expenditures fall as prices rise because higher prices
a. reduce the value of household financial assets and hence reduce planned consumption. b. increase demand for imports and discourage exports. c. cause higher interest rates, which reduce the demand for investment. d. All of these.
A price floor on corn would have the effect of
a. creating a surplus regardless of the level at which the price floor is set b. creating a surplus supply when the floor is above the equilibrium price c. creating a shortage when the price floor is set below the equilibrium price d. creating a shortage regardless of where the price floor is set e. ensuring a more equitable distribution of the good among consumers
By far, the best way to measure the standard of living of people in a country is the value of the country's GDP per capita
a. True b. False Indicate whether the statement is true or false
If the real wage rate increases over time, this means that the
A) inflation rate has increased over time. B) quantity of labor has increased over time. C) nominal wage rate has increased over time. D) buying power of an hour's work has increased over time. E) the CPI must have decreased over time.