How many broad categories are used by economists to define the GDP?
A. 3
B. 4
C. 6
D. 8
Answer: B
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A cartel member has the incentive to cheat on the cartel agreement because
a. it fears that other members may also cheat on the agreement. b. the cartel prevents the member from charging the monopoly price. c. undercutting the cartel price will increase the cartel member's profit. d. the cartel outcome is not Pareto optimal for the cartel members.
According to the crowding-out effect, if the government runs a budget deficit of $100 billion, what is the change in the equilibrium quantity of investment?
What will be an ideal response?
What is voluntary exchange?
What will be an ideal response?
A company with a strong brand identity:
A. can perpetuate false perceptions of quality or product differences. B. promises consistency to customers. C. conveys to customers an implicit guarantee of a product's quality. D. All of these statements are true.