Define gross domestic product
The market value of all final goods and services produced within a country in a given period of time.
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Suppose that a country with a closed economy opens itself to international trade and becomes a net exporter. In that case, domestic suppliers will supply ________ of that good after it opens itself to international trade.
A. same amount B. less C. more D. none
Consumption spending that is independent of the level of disposable income is known as:
a. marginal consumption. b. transitory consumption. c. permanent consumption. d. relative consumption. e. autonomous consumption.
Under perfect competition, the firm's supply curve is made up of the
A. points where MC=MR, and they make at least breakeven. B. points where MC=MR, and they make a profit. C. points where MC=MR. D. points where MC=MR above the minimum of AVC.
What two factors affect the legal-institutional environment? Discuss the effect of changes in the legal-institutional environment on aggregate supply.
What will be an ideal response?