Gross domestic product is calculated by adding together
A. the number of goods and services produced in the economy.
B. money value of final goods and services.
C. number of workers employed in national production.
D. all commodities but not services produced in the economy.
Answer: B
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Suppose you have borrowed money from a bank to buy a house. Which of the following will happen if the inflation rate unexpectedly rises?
A) You will be worse off. B) The real cost of your mortgage will rise. C) The bank's shareholders will be better off. D) You will be better off.
Trade between countries tends to a. reduce both competition and specialization
b. reduce competition and increase specialization. c. increase competition and reduce specialization. d. increase both competition and specialization.
Which currency is being valued in the following expression: $5/€?
a. Euro (€) b. Dollar ($) c. Both d. None
A good is said to be "inferior" if:
A. it is of low quality. B. consumers buy less of it at a high price. C. it has a negative income elasticity of demand. D. it has many substitutes.