The gross domestic product is the dollar value of all goods and services produced by the economy.
Answer the following statement true (T) or false (F)
True
Gross domestic product is the dollar value of the total output of a national economy over a one-year period.
You might also like to view...
An increase in the money supply is likely to reduce
A. interest rates. B. nominal income. C. the general price level. D. money demand.
To calculate GDP using the income approach, one of the adjustments made to net domestic product at factor cost is to
A) add investment. B) subtract indirect taxes less subsidies. C) add consumption expenditure. D) subtract investment. E) add depreciation.
A mixed strategy in which positive probability is placed on more than one action can be a best response to another player's strategy only if the expected payoff from playing the pure strategies (over which the individual is mixing) is the same.
Answer the following statement true (T) or false (F)
The table above shows Danielle's utility from ice cream and romance novels
a) What is Danielle's marginal utility from the 4th novel? b) The price of ice cream is $5 per gallon and a novel is $10. If Danielle's budget for these two goods is $50 and she buys 2 gallons of ice cream, how many novels can she buy? If she buys 6 gallons of ice cream, what is her marginal utility per dollar spent on novels? c) Which combination of the two goods is better: 4 gallons of ice cream and 3 novels or 6 gallons of ice cream and 2 novels?