GDP is the market value of:
A. national income distributed to producers, consumers, and investors in an economy.
B. economic resources used in the production of annual output in an economy.
C. all final goods and services produced in an economy in a given year.
D. consumption and investment spending in an economy in a given year.
Answer: C
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Changes in the short-run total costs result from changes in only
A) variable costs. B) fixed costs. C) zero. D) total fixed costs.
If the real exchange rate rises 4%, domestic inflation is 2%, and foreign inflation is 0%, what is the percent change in the nominal exchange rate?
A. 0% B. 6% C. 4% D. 2%
In recent years the cost of producing wines in the U.S. has increased largely due to rising rents for vineyards. At the same time, more and more Americans prefer wine over beer
Which of the following best explains the effect of these events in the wine market? A) The supply curve has shifted to the left and the demand curve has shifted to the right. As a result, there has been an increase in the equilibrium price and an uncertain effect on the equilibrium quantity. B) Both the supply and demand curves have shifted to the right. As a result, there has been an increase in the equilibrium price and an uncertain effect on the equilibrium quantity. C) The supply curve has shifted to the left and the demand curve has shifted to the right. As a result there has been an increase in the equilibrium quantity and an uncertain effect on the equilibrium price. D) Both the supply and demand curves have shifted to the right. As a result, there has been an increase in both the equilibrium price and the equilibrium quantity.
Personal income less personal taxes is called:
A) personal disposable income. B) national income. C) compensation of employees. D) savings.