Which of the following is included in gross domestic product for an economy in a given year?
A) the value of used goods sold in that year
B) the value of final goods produced in that year
C) the value of intermediate goods produced in that year
D) All of the above would be included in gross domestic product for an economy in a given year.
B
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The GDP deflator in year 2 is 105, using year 1 as the base year. This means that, on average, the cost of goods and services is
A) 5% higher in year 1 than in year 2. B) 105% higher in year 1 than in year 2. C) 105% higher in year 2 than in year 1. D) 5% higher in year 2 than in year 1.
An increase in the quantity of a product supplied is caused by an increase in the price of the product
Indicate whether the statement is true or false
Considering the concept of cross-price elasticity, if two goods are substitutes:
A. an increase in the price of one causes a decrease in the demand for the other. B. a decrease in the price of one causes an increase in the demand of the other. C. an increase in the price of one causes an increase in the demand for the other. D. the cross-price elasticity is negative.