Gross domestic product
A) includes all the goods and none of the services produced in an economy in a given time period.
B) measures the value of the aggregate production of goods and services in a country during a given time period.
C) measures the value of labor payments generated in an economy in a given time period.
D) is generally less than federal expenditure in any time period.
B
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The long run is distinguished from the short run because only in the long run
A) output prices can vary. B) factor of production prices can vary. C) the quantities of all factors of production can be varied. D) the firm no longer maximizes its profit.
Which of the following is NOT a reason for the government to regulate a nonmonopolistic industry?
A) to allow firms to achieve the profit maximizing output B) asymmetric information C) to protect consumer interests D) market failures
What is the primary issue with providing public goods?
a. Preventing free riding b. Gathering public insight c. Ensuring a constant supply d. Monitoring public demand
Which of the following is an exogenous variable in the Three-Sector-Model?
a. GDP price index b. Oil prices c. Quantity of currency per time period d. Real GDP e. All of the above are exogenous variables.