If the value of intermediate goods and services are included in GDP, then:
a. GDP would be understated.
b. GDP would act as a true indicator of economic welfare.
c. there would be double-counting.
d. it would lead to depreciation.
e. GDP would be able to give an exact estimate of the inventory in an economy.
c
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If a firm is experiencing an economic loss in the long run, then
a. it must be experiencing an accounting loss b. it should stay in business if it can cover its fixed costs c. the market must be too large d. it should exit from the industry e. price exceeds marginal cost
Which of the following is a final good or service?
a) a haircut purchased by a father for his 12 year-old son b) fertilizer purchased by a farm supplier c) diesel fuel bought for a delivery truck d) Chevrolet windows purchased by a General Motors assembly plant
Which of the following will most likely occur under a system of clearly defined and enforced private property rights?
What will be an ideal response?
During a period of price stability our money supply performs
A. all of its jobs very well. B. some of its jobs very well. C. all of its jobs very poorly. D. none of its jobs very poorly.