Only final goods and services count in calculating the GDP.

Answer the following statement true (T) or false (F)


True

Intermediate inputs are left out of the GDP.

Economics

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The U.S. economy is the largest in the world. What two factors primarily explain this? What makes the U.S. economy unique?

What will be an ideal response?

Economics

Piece rate pay is

a. Compensation per dollar of profit of the company b. Compensation per dollar of profit of the division c. Compensation per piece a worker produces d. Compensation per dollar of sales

Economics

A college dean has a __________ opportunity cost of __________ than a college student working in a minimum-wage job

a. lower; leisure b. lower; nonmarket work c. lower; market work d. higher; nonmarket work e. higher; market work

Economics

Which of the following is the closest example of a perfectly competitive market?

A. soybeans B. gasoline stations C. fast foods D. beer

Economics