Gross Domestic Product is the value of all
a. goods and services produced during a particular year
b. goods and services sold during a particular year
c. final goods and services sold during a particular year
d. final goods and services produced during a particular year
e. final goods and services produced and sold during a particular year
D
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A firm that charges a very low price would be practicing predatory pricing if
A. the price allowed only a small profit. B. the price would only be profitable if it succeeded in driving a rival out of the market and prices increased afterward. C. the price allowed profits that were positive but below those earned by other firms. D. it only offered the low price to its rivals’ customers.
Under a system of laissez-faire, output selection is determined by consumers’ wants.
Answer the following statement true (T) or false (F)
New classical economics assumes that government has direct control over the equilibrium level of GDP and indirect control over the money supply
a. True b. False Indicate whether the statement is true or false
Historical episodes allow economists to illustrate and evaluate current economic theories
a. True b. False Indicate whether the statement is true or false