Gross domestic product (GDP) includes:
a. intermediate as well as final goods.
b. foreign goods as well as domestically produced goods.
c. used goods sold in the current time period.
d. only final goods and services.
d
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A consequence of the CPI bias is that it
A) decreases government outlays. B) reduces outlet substitution bias. C) means that it is impossible to measure the inflation rate. D) increases international trade. E) distorts private contracts.
Which of the following is an example of monitoring and enforcement costs?
A) Isabel knows that other neighbors' sleep patterns must also be affected by the howling dogs in her neighborhood and sets out to find those neighbors. B) Isabel is bound and determined to to find out which of her neighbors owns the howling dogs that are preventing her from getting a full night's slee
Suppose firms in a perfectly competitive market are incurring an economic loss. Over time
A) other firms enter the market, so the price rises and the economic loss decreases. B) some firms leave the market, so the price rises and the economic loss decreases. C) other firms enter the market, so the price falls and the economic loss decreases. D) some firms leave the market, so the price falls and the economic loss decreases.
The excess demand created when the government imposes a price ceiling
a. shifts the equilibrium price upward to the price ceiling level b. is the difference between the quantity demanded at the old equilibrium price and quantity supplied at the price set by the price ceiling c. is the difference between the quantity demanded at the price set by the price ceiling and quantity supplied at the old equilibrium price d. is the difference between the quantity demanded at the price set by the price ceiling and quantity supplied at the price set by the price ceiling e. is the difference between the old equilibrium price and the price set by the price ceiling