Excluded from the GDP are
a. military services.
b. postal services.
c. medical services.
d. non monetary transactions.
d. non monetary transactions.
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What variables besides real GDP tend to decline during recessions? Given the definition of real GDP, argue that declines in these variables are to be expected
When we add a personal income tax to the macroeconomic model, the
A. multiplier becomes larger. B. multiplier becomes smaller. C. expenditures schedule shifts upward. D. expenditures schedule becomes steeper.
The demand curve faced by a monopolistically competitive firms is
A) horizontal. B) vertical. C) downward sloping. D) unitary elastic.
A product with qualities that consumers lack the expertise to assess without assistance is called a(n)
A) search good. B) experience good. C) credence good. D) inferior good.