Government-produced goods are added to GDP at
a. their market value.
b. the value they have to their users.
c. the value of the inputs used to produce them.
d. the value Congress places on them.
c
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A nation's standard of living depends on its population and labor productivity
a. True b. False Indicate whether the statement is true or false
If the price of Alpo increases from $0.50 to $1, Mr. Tightwad, a utility-maximizing consumer, would spend his $4 on which of the following?AlpoMcBurgersCans Consumed per DayTotal utility (Units of utility)McBurgers Consumed per DayTotal utility (Units of utility)000017116213228316336417440
A. 4 McBurgers B. 1 McBurger and 3 cans of Alpo C. 2 McBurgers and 2 cans of Alpo D. 3 McBurgers and 1 can of Alpo
The pleasure, satisfaction, or happiness obtained from consuming a good or service is known as ___________
Fill in the blank(s) with the appropriate word(s).
If GDP is $5,800 billion, the multiplier is 8, and G falls by $20 billion, find the new level of GDP.
What will be an ideal response?