Gross domestic product is best described as the
A. measure of a nation’s total economic welfare.
B. national income, including nonmarket income.
C. sum of money values of all final output produced in the domestic economy within the year.
D. national output minus environmental damage.
Answer: C
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If a sizable number of workers were switched from full-time to half-time employment, then the official unemployment rate would:
a. rise. b. fall. c. remain unchanged. d. react unpredictably.
Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat would tend to
a. increase the total revenue of wheat farmers. b. decrease the total revenue of wheat farmers. c. decrease the demand for wheat. d. decrease the supply of wheat.
Explain the similarities and differences between the long-run equilibrium for a perfectly competitive firm and a monopolistically competitive firm. Illustrate your answer with a graph demonstrating the long-run equilibrium for the two types of firms
What will be an ideal response?
If depreciation exceeds gross investment:
What will be an ideal response?