Gross domestic product (GDP) is the ________ in a given time period
A) value of personal consumption expenditures, gross private domestic investment, and federal government expenditures
B) sum of wage and salary compensation of employees and corporate profits
C) value of all final and intermediate goods and services produced by the economy excluding those goods exported to foreign nations
D) market value of final goods and services produced by the economy
D
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"The market demand curve for labor is the horizontal summation of the labor demand curves of all firms." Do you agree or disagree? Why?
What will be an ideal response?
If a sizeable amount of U.S. currency is held outside of the United States,
a. the accuracy of the M2 money supply figures will be improved, but there will be no impact on M1. b. the accuracy of the M1 money supply figures will be improved, but there will be no impact on M2. c. the money supply figures, particularly those for M1, will be less reliable. d. the money supply figures of the U.S. will not be affected because the funds are held outside the U.S.
Under the assumptions of the Fisher effect and monetary neutrality, if the money supply growth rate rises, then
a. both the nominal and the real interest rate rise. b. neither the nominal nor the real interest rate rise. c. the nominal interest rate rises, but the real interest rate does not. d. the real interest rate rises, but the nominal interest rate does not.
Larry looks at his wage statement. How can he recognize what is known as payroll tax?
a. The tax will be funded entirely by his employer. b. The tax will be entirely funded from his own wages. c. The tax will be broken down into an hourly rate. d. The tax will come from his wages and his employer’s contribution.