Gross domestic product is
a. the market value of all goods and services exchanged within a country during a time period.
b. the market value of all domestic assets, regardless of whether they are owned by citizens or foreigners.
c. the compensation received during a period for labor services plus interest, rents, and corporate profits.
d. the market value of final goods and services produced within a country during a time period.
D
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Special interests are _____ on political issues where they may receive concentrated benefits
a. stable b. cyclical c. rationally ignorant d. not rationally ignorant
If a customer values good A at $15, and it costs the firm $10 to produce, the firm can increase its profits if
a. Redesign the product such that it delivers $16 in customer value b. Redesign the production process so that the costs fall to $9 c. One or both of the above d. None of the above
A free rider is a person who
a. is harmed by another's actions b. is subject to a negative externality c. receives benefits from someone else's market activity but does not pay for them d. pays less than the full value for a good e. wins the state lottery on a ticket he found
When the nominal exchange rate changes from 10 pesos per dollar to 8 pesos per dollar, the dollar has:
A. appreciated. B. become overvalued. C. depreciated. D. become undervalued.