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.
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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?
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
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
Which of the following is the closest example of a perfectly competitive market?
A. soybeans B. gasoline stations C. fast foods D. beer