Economists include only final goods in measuring GDP for a particular year because if intermediate goods were
What will be an ideal response?
counted, then multiple counting would occur. correct
You might also like to view...
Along the aggregate supply curve, the quantity of real GDP supplied increases when the price level rises because
A) the real wage rate rises. B) the demand for the goods and services increases. C) the real wage rate falls. D) the real wage rate and profits both fall. E) profits decrease.
An analyst on a local news channel argues that the recent corporate scandals "demonstrated very clearly that self-interest always contradicts social interest." Do you agree or disagree? Substantiate your answer
What will be an ideal response?
If the supply curve is vertical, then supply is
A) relatively elastic. B) perfectly elastic. C) unit elastic. D) perfectly inelastic.
A perfectly competitive firm is a price
a. giver. b. taker. c. maker. d. leader.