GDP counts:
A. only intermediate goods and services, because those are easier to track.
B. all values that are reported to the government.
C. both intermediate and final goods and services because it is important to capture all values, regardless of which market they take place in.
D. only final goods and services, because otherwise certain things would be double-counted and the GDP would be overestimated.
Answer: D
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The short run is a time frame in which
A) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied. B) the quantities of all factors of production can be varied. C) the quantities of all factors of production are fixed. D) all costs are sunk costs.
If Valerie purchases ankle socks at $5 and gets 25 units of marginal utility from the last unit, and bandanas at $3 and gets 12 units of marginal utility from the last bandana purchased, she
A) wants to consume more bandanas and fewer ankle socks. B) is maximizing total utility and does not want to change her consumption of ankle socks or bandanas. C) wants to consume less of both ankle sock and bandanas. D) wants to consume more ankle socks and fewer bandanas.
The creation of the Social Security program had no impact on the labor force participation rate because people are not interested in working past the age of 65.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 23.11 below to answer the question(s) that follow.
Figure 23.11Refer to Figure 23.11. Equilibrium aggregate output will increase to $250 million if the
A. multiplier increases to 8. B. MPC increases to 0.8. C. MPS increases to 0.8. D. all of the above.