GDP includes:
A. intermediate but not final products.
B. substitute but not intermediate products.
C. final but not intermediate products.
D. complementary but not intermediate products.
C. final but not intermediate products.
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If potential GDP for the first quarter of 2013 = $75.8 billion, and real GDP for the first quarter of 2013 = $80.3 billion, then the output gap was
A) -5.9%. B) -5.6%. C) 5.6%. D) 5.9%.
An excise tax on gasoline causes
A) supply of gasoline to shift to the left. B) a reduction in the quantity of gasoline demanded. C) the market clearing price of gasoline to rise. D) All of the above are correct.
Which of the following is an important ingredient of efficient economic organization?
a. high marginal tax rates b. competitive markets c. rapid increases in the money supply d. imposition of high tariffs that will protect domestic producers from the ravages of foreign competition
A decrease in the tax rate will ________ the disposable income of households and ________ the size of the multiplier effect
A) decrease; decrease B) decrease; increase C) increase; decrease D) increase; increase E) increase; not change