Define GDP
What will be an ideal response?
The total market value of all final goods and services produced within an economy in a given year.
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All else equal, if oil prices increase, annual oil consumption will ________ and the years it will take to deplete the stock of oil will most likely ________
A) decrease; increase. B) decrease; decrease C) increase; increase D) increase; decrease
On the graph above, a permanent tax reduction, assuming that there is a permanent effect on aggregate supply, is likely to move the economy from point 1 to point ________
A) 2 B) 8 C) 6 D) 3
The relationship between consumption and income is the
a. spending function b. consumption function c. autonomous consumption d. household consumer spending e. household spending function
The M1 money supply
a. is composed of assets that reflect the medium of exchange function of money. b. is larger than the M2 money supply. c. includes credit card balances since they are used to purchase things. d. is composed of only currency.