Why should the GDP accounts matter to the average citizen?
Changes in GDP measure economic growth. Economic growth means improvements in the average
standard of living. Citizens who live in a growing economy have a better chance of obtaining higher real
incomes, better public services, and other amenities paid for out of increased output and income.
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When the competitive market is using its resources efficiently, the
A) total amount of consumer surplus is maximized. B) total amount of producer surplus is maximized. C) sum of the total amount of consumer surplus plus the total amount of producer surplus is maximized. D) sum of the total amount of consumer surplus plus the total amount of producer surplus equals zero.
Which of the following is true about the demand curve facing the dominant firm?
A) It equals market demand minus fringe firms' supply curve. B) It is identical to market demand. C) It equals market demand minus demand facing the fringe firms. D) It is horizontal.
Profit is the payment for
a. land and labor b. risk taking and innovation c. capital and labor d. risk taking and capital e. all of the factors of production
Government actions designed to affect the performance of the economy as a whole are called ________ policies.
A. global B. macroeconomic C. microeconomic D. social