Suppose the total monetary value of all final goods and services produced in a particular country in 2010 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:
a) GDP in 2010 is $450 billion.
b) NDP in 2010 is $450 billion.
c) GDP in 2010 is $500 billion.
d) inventories in 2010 fell by $50 billion.
c) GDP in 2010 is $500 billion.
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Which of the following would show the LEAST amount of inequality?
A) Measured annual income. B) Measured annual wealth. C) Lifetime income. D) Measured annual income and annual wealth are equally distributed and are more equally distributed than lifetime wealth.
If planned expenditure is below output, as the economy approaches equilibrium, ________
A) planned expenditure is falling B) output is rising C) saving is rising D) all of the above E) none of the above
The major source of surplus value is:
a. Capitalist philanthropy b. Labor c. Spontaneous order d. Monopoly e. Above Subsistence wages
Which of the following statements is correct?
A. Slope is the ratio of the vertical change (the rise or fall) to the horizontal change (the run). B. A direct relationship is one in which two variables change in the opposite direction. C. An inverse relationship is one in which two variables change in same directions. D. An independent relationship is one in which two variables are upward sloping.