Gross domestic product is calculated as the sum of the
A) total quantity of final goods and services produced in the economy during a period of time.
B) total quantity of goods and services produced in the economy.
C) total market value of goods and services produced in the economy.
D) total market value of final goods and services produced in the economy during a period of time.
D
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It is estimated that, on the average and taking account of skill differentials, union wages are
A) 100 percent higher than nonunion wages. B) less than nonunion wages. C) 10-25 percent higher than nonunion wages. D) 66 percent higher than nonunion wages. E) equal to nonunion wages.
The equation of exchange states that the price level is equal to
A) the quantity of money. B) velocity of circulation multiplied by the quantity of money divided by real GDP. C) real GDP multiplied by the velocity of circulation divided by nominal GDP. D) the velocity of circulation.
Banks develop statistical models to calculate their maximum loss over a given time period. This approach is known as the
A) stress-testing approach. B) value-at-risk approach. C) trading-loss approach. D) doomsday approach.
If average total costs are $40 and average variable cost are $20 at 10 units of output and the marginal cost of the 11th unit is $30, what is the average total cost of 11 units?
a. $23.00 b. $20.09 c. $30.00 d. $39.09