The gross domestic product (GDP) excludes:
a. the value of a new building

b. the value of new stocks and shares.
c. the cost of a new vending machine.
d. government expenditure on a new bridge.
e. the money spent on the purchase of legal services by a household.


b

Economics

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Producer surplus for the whole market can be thought of as

A) total profit. B) variable operating profit plus factor rents. C) total profit minus factor rents earned by lower cost firms. D) total profit plus factor rents earned by lower cost firms.

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Steel producers lobbying to keep imports out is an example of:

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Believers in fixed rules maintain that

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