Gross domestic product (GDP) measures the
A) number of final goods and services produced in the economy in a given time period.
B) number of final goods and services sold in the economy in a given time period.
C) market value of old and new final goods and services sold in the economy in a given time period.
D) market value of final goods and services produced in the economy in a given time period.
D
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Industry X, which is perfectly competitive, is in long-run equilibrium. Assume a new law is passed that requires employers in industry X to provide health insurance to previously uninsured employees
As a result of this new requirement we would expect to observe: A) a decrease in price and an increase in total output in industry X. B) a decrease in price and total output in industry X. C) an increase in price and a decrease in total output in industry X. D) an increase in price and total output in industry X.
If consumers were originally willing to buy 500 units of a good at a price of $20 are now willing to buy 500 units of the same good at a price of $10, that change would be described as a decrease in demand
a. True b. False Indicate whether the statement is true or false
Average growth rates of per capita income were close to zero, on average, prior to the Industrial Revolution
a. True b. False Indicate whether the statement is true or false
The market's way of rationing limited resources, goods, and services to consumers in a market economy is through
A. commissions. B. profits. C. incentives. D. prices.