Gross domestic product is
What will be an ideal response?
the market value of final goods and services produced within a country during a time period.
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In the figure above, curve A is the ________ curve
A) average fixed cost B) average variable cost C) average total cost D) marginal cost
When the dollar rises relative to other currencies,
A) foreign goods are more expensive in terms of dollars. B) foreign currency is more expensive in terms of dollars. C) U.S. goods become more expensive to foreigners. D) foreign currency is more expensive in the United States, but foreign goods are cheaper.
When leisure is a normal good, the income effect from a decrease in wages is evident in
a. a desire to consume more leisure. b. a desire to consume less leisure. c. an upward-sloping labor-supply curve. d. a shift in labor demand.
Ponzi schemes are investments in which:
A. funds are invested solely in high-risk foreign financial assets. B. all investors are guaranteed to lose money. C. investors are unknowingly paid returns from funds contributed by new investors. D. the profitability of the investments depends on whether the economy grows or is in recession.