U.S. GDP excludes the production of most illegal goods
a. True
b. False
Indicate whether the statement is true or false
True
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If the demand for a good is highly elastic, that good is likely to have:
A. many close substitutes. B. many close complements. C. few close substitutes. D. few close complements.
If the MPC were to increase from 0.75 to 0.8, then the spending multiplier would:
A. increase from 4 to 5. B. decrease from 5 to 4. C. increase from 0.2 to 0.25. D. decrease from 1.25 to 1.2.
When a firm divests itself of an unrelated business to focus on it core competency, the firm is
A) using economies of scope to cut costs. B) downsizing. C) outsourcing. D) market sharing.
It is true of the demand side of the market for input pricing that
A. the same marginal productivity principle serves as the foundation for the demand schedule for each type of input. B. the demand schedule for one input cannot be determined independently of demand schedules for other inputs. C. the demand curve is the complete MRP curve. D. any inward shift in demand for a commodity will result in outward shifts in the demand curves for the inputs used to produce the commodity.