Gross domestic product is generally ________ national income
A) greater than
B) less than
C) equal to
D) unrelated to
Answer: A
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When investors reduce their investment spending, it is a sign that they are ________ about the economy
A) taking risks B) ill-advised C) optimistic D) pessimistic
If other factors remain unchanged, technological progress in producing good X definitely will lead to
A) an increase in the market clearing price of good X and a decrease in the equilibrium quantity of good X. B) an increase in both the market clearing price and the equilibrium quantity of good X. C) a decrease in the market clearing price of good X and an increase in the equilibrium quantity of good X. D) a decrease in both the market clearing price and the equilibrium quantity of good X.
Free market economies
a. often have dirty air and rivers. b. acting on their own do not do enough to efficiently deal with externality problems. c. while not protecting the environment automatically do offer a powerful tool that may be used for that purpose. d. All of the above are correct.
If aggregate quantity demanded is greater than aggregate quantity supplied at a particular price level, then
A) consumers will bid prices upward, and a greater quantity of output will be supplied. B) the shortage will likely be eliminated. C) a and b D) none of the above