Gross domestic product refers to the:
a. market value of all final goods and services produced in an economy during a year
b. market value of all goods and services produced by resources located outside the country.
c. market value of all intermediate goods and services produced by resources located within the country.
d. market value of all used goods exchanged within the country.
a
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In Brinley Thomas' (1954) theory of the Atlantic Economy,
(a) cotton exports to Europe drove the growth of the U.S. economy. (b) people and capital moved to the U.S. when U.S. economic growth was strong. (c) the peaks of the U.S. business cycle were closely aligned with that of European peaks. (d) all of the above are true.
In a perfectly competitive resource market, the marginal resource cost of a resource equals the price of the resource
a. True b. False
Which of the following equations represents GDP for an open economy?
a. Y = C + I + G + NX b. NX = I - G c. I = Y - C + G + NX d. Y = C + I + G
The fome controls the real interest rate:
A. only on an annual basis. B. if inflation doesn't change quickly. C. only if it adjusts the federal funds rate to match the changes in the rate of inflation. D. if inflation changes quickly.