GDP is?
What will be an ideal response?
the market value of final goods and services produced within a country during a time period
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You have the following demand equation for a pack of cigarettes: Q = 200 - 0.30P with the average quantity 3 packs and average price $3.00 per pack. What is the price elasticity?
A) 0.30 B) -0.30 C) 1.0 D) -1.0
Use the information provided in Table 7.4 below to answer the question(s) that follow. Table 7.4Inputs Required to Produce a Product Using Alternative TechnologiesTechnologyUnits of CapitalNumber of EmployeesA 836B 1224C 1616D 24 12Refer to Table 7.4. If the hourly price of capital is $20 and the hourly wage rate is $14, which production technology should be selected?
A. A B. B C. C D. D
According to the Keynesian view of the demand for money, an increase in uncertainty will cause
A) a decrease in interest rates. B) an increase in interest rates. C) an increase in aggregate income. D) an increase in consumption.
Which of the following is true concerning trade?
A. It reduces consumption possibilities. B. All groups benefit from free trade. C. It shifts the production possibilities curve to the right. D. It redistributes income away from import-competing industries.