Which of the following best describes gross domestic product (GDP)?
a. The market value of all inputs imported into a domestic economy to produce final goods and services during a period of time such as a year.
b. The market value of all final goods and services produced in a nation during a period of time such as a year.
c. The quantity of all goods and services produced in a nation during a period of time such as a year.
d. The average price of all goods and services produced in a nation during a period of time such as a year.
b
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Monopolistic competition is characterized by: a. one firm selling several products
b. many firms selling the same product. c. many firms selling slightly different products. d. one firm selling one product.
What is the role of value judgments in economic analysis?
A normative statement deals with:
A) the facts. B) what was, is, or will be. C) what ought to be. D) the scientific method
In an aggregate expenditures diagram, equal increases in government spending and in lump- sum taxes will:
A. shift the aggregate expenditures line downward. B. shift the aggregate expenditures line upward. C. leave the aggregate expenditures line unchanged. D. reduce the equilibrium GDP.