Define GDP. Remember to be specific about what it includes
GDP is the market value of all final goods and services produced within a country in a given period of time.
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According to the process of creative destruction, at first the entrepreneur will be able to sell the product for
A. a low price because it is not well known. B. a high price because there is no competition. C. a fair price because these are contestable markets. D. at a price of zero until the market is created.
Tax expenditures can be viewed as government spending through the tax code
a. True b. False
Because people prefer name-brand pain-relieving drugs over store-brand pain-relieving drugs, demand curves do not slope downward for pain-relieving drugs
Indicate whether the statement is true or false
A decline in business activity is called
A. a trough. B. a peak. C. an expansion. D. a recession.