The market value of all final goods and services produced in the economy in a given year is:
(a) Consumer price index.
(b) Circular flow of income.
(c) Personal income.
(d) Gross domestic product.
Answer: (d) Gross domestic product
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Recent evidence regarding the exchange-rate pass-through effect in the U.S. reflects a declining trend. How can this be explained?
What will be an ideal response?
Which of the following shifts short-run aggregate supply right?
a. an increase in the price level b. an increase in the minimum wage c. a decrease in the price of oil d. more people migrate abroad than immigrate from abroad
Other things equal, extracting oil from shale becomes economically viable (as or less costly than using conventionally extracted oil) when oil prices reach _____ or more per barrel
A. $80 B. $60 C. $50 D. $40
Suppose a ten firm industry has total sales of $35 million per year. The largest firm has sales of $10 million, the third largest firm has sales of $4 million, and the fourth largest firm has sales of $2 million. If the rest of the industry has annual sales of $12 million, the second largest firm has sales of
A. $7 million. B. $4 million. C. $8 million. D. none of these.