GDP as a measure of the nation's economic performance
A. includes the value of final goods and services produced in the economy.
B. excludes nonmarket transactions.
C. excludes the value of intermediate goods.
D. excludes the sale of secondhand goods.
Answer: B
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Given the accelerationist Phillips curve ?? = - 0.3 (U - 6 ) + ?, suppose that inflation in the preceding period was 3 percent, unemployment is 7 percent, and there is no price shock. The current inflation rate is ________
A) 2.7 percent B) 3 percent C) 0.9 percent D) 3.3 percent E) none of the above
Which of the following statements is true?
A. Total utility is the extra satisfaction from the consumption of a good or service. B. Marginal utility is the amount of satisfaction received from all the units of a good or service consumed. C. The law of diminishing marginal utility states that as more of a good or service is consumed total utility decreases. D. Consumer equilibrium is a combination of goods and services consumed which maximizes total utility from a given budget.
An industry experiencing increasing returns to scale and fixed factor prices will have a long-run supply curve that is:
A. upward sloping. B. vertical. C. horizontal. D. downward sloping.
When the government provides loan guarantees and in effect "socializes losses and privatizes gains" of a project or firm, it can lead to a
What will be an ideal response?