The Department of Commerce sums the payments made to resources to arrive at GDP in the form of wages, rents, interest, profits, indirect taxes, and depreciation. This method of deriving GDP is called the:
a. opportunity cost approach.
b. income approach.
c. expenditure approach.
d. monetarist approach.
b
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If the price of a good decreases from $9 to $6 and the quantity supplied decreases from 1,500 to 1,300, using the midpoint formula the elasticity of supply equals
A) 0.20. B) 2.80. C) 0.36. D) 0.40. E) 3.20.
If P denotes the price of goods and services measured in terms of money, then
a. 1/P represents the value of money measured in terms of goods and services. b. P can be interpreted as the inflation rate. c. the supply of money influences the value of P, but the demand for money does not. d. All of the above are correct.
The fraction of an industry's sales that are accounted for by the four largest firms is called
A) the four-firm competition ratio.
B) the four-firm concentration ratio.
C) the four-firm industry ratio.
D) the four-firm oligopoly ratio.
The problem of political instability has been greatest in which continent?
A. South America B. Europe C. Asia D. Africa