Gross domestic product is a measure of
A. the size of the largest industry in an economy.
B. the money value of all final goods and services produced in a year by the economy.
C. the volume of goods and services, which involved in international trade.
D. the goods and services produced strictly by corporations.
E. the nonmarket production of goods and services.
Answer: B
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Why does the short-run aggregate supply curve shift to the right in the long run, following a decrease in aggregate demand?
A) Workers and firms adjust their expectations of wages and prices upward and they push for higher wages and prices. B) Workers and firms adjust their expectations of wages and prices upward and they accept lower wages and prices. C) Workers and firms adjust their expectations of wages and prices downward and they accept lower wages and prices. D) Workers and firms adjust their expectations of wages and prices downward and they push for higher wages and prices.
In South Asia and Sub-Saharan Africa, about what share of the labor force works in agriculture?
(a) One tenth. (b) One third. (c) One half. (d) Two thirds.
If a household's income falls from $26,000 to $24,000 and its saving falls from $1,000 to $500, then its _____
a. marginal propensity to consume is 0.98 b. marginal propensity to consume is 1.33 c. marginal propensity to consume is 0.25 d. marginal propensity to save is 0.02 e. marginal propensity to save is 0.25
Economists who believe that the economy has a strong self-correcting mechanism argued that, after September 11, 2001, the economy needed
a. a quick and expansionary fiscal policy stimulus. b. a quick and expansionary monetary stimulus. c. only a short time to return to equilibrium full employment. d. President Bush to propose a large budget stimulus package.