Gross domestic product (GDP) measures and reports output:
A. as an index number.
B. in percentage terms.
C. in dollar amounts and percentage growth.
D. in quantities of physical units (for example, pounds, gallons, and bushels).
Answer: C
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Assuming the economy is starting at the natural rate of output and everything else held constant, the effect of ________ in aggregate ________ is a rise in both inflation and output in the short-run,
but in the long-run the only effect is a rise in inflation. A) a decrease; supply B) a decrease; demand C) an increase; supply D) an increase; demand
The above figure shows the marginal benefit to a firm of polluting in the local river while producing its output, and the marginal cost to the surrounding neighbors. The marginal cost of production is zero for the firm
According to Coase's Theorem, which of the following scenarios is most likely to lead to the socially optimal level of pollution? A) The firm owns the river and there are a thousand surrounding neighbors. B) The firm owns the river and there is just one nearby neighbor. C) The river is jointly owned by one thousand surrounding neighbors. D) The firm owns the river, and therefore produces the social optimum no matter what.
Under the bimetallic standard of the 19th century:
a. the amount of money in circulation increased. b. the American dollar served poorly as a unit of account. c. only one metal tended to circulate as money at any given time. d. the government earned profits by selling gold.
Which of the following statements about markets and industries is TRUE?
A.A market includes buyers but not sellers. B. An industry includes buyers but not sellers. C.A market includes sellers but not buyers. D. An industry includes sellers but not buyers.