The product approach to measuring GDP values government production at
A) market prices.
B) its cost of production.
C) its estimated value to society.
D) the total amount of taxes it collects.
B
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Derived demand:
A. is the sum total of all factors of production for a given good or service. B. refers to the demand for variable inputs when at least one fixed input exists. C. refers to the supply decisions of a final good influencing the demand for the inputs needed to make it. D. is only computed for the long-run demand decisions based on short-run marginal changes.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
Depositors lack of information about the quality of bank assets can lead to
A) bank panics. B) bank booms. C) sequencing. D) asset transformation.
Since 1948, the average unemployment rate in the United States has been about
A) 3%. B) 6%. C) 8%. D) 10%.