Gross domestic product is a measure of both
a. the market value of a nation's capital assets (physical capital) and the costs that were incurred producing those assets.
b. the expenditures on and sales revenues derived from all goods and services exchanged during a period.
c. the market value of the output produced during a period and the cost of producing that output.
d. the asset holdings of people and the happiness that they derived from the ownership of those assets.
C
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Soo Jin shares a one-bedroom apartment with her classmate. Her share of the rent is $700 per month. She is considering moving to a studio apartment which she will not have to share with anyone. The studio apartment rents for $950 per month
Recently, you ran into Soo Jin on campus and she tells you that she has moved into the studio apartment. Soo Jin is as rational as any other person. As an economics student, you rightly conclude that A) Soo Jin figures that the additional benefit of having her own place (as opposed to sharing) is at least $250. B) Soo Jin did not have a choice; her roommate was a slob. C) Soo Jin figures that the additional benefit of having her own place (as opposed to sharing) is at least $950. D) the cost of having one's own space outweighs the benefits.
GDP includes:
a. the negative attributes from erosion and deforested landscape. b. all quality improvements resulting from higher quality goods replacing inferior goods. c. the cleaning-up expenses associated with pollution. d. the value of leisure time. e. the illegal activities related to the underground economy.
Assume that you invest $550 in a certificate of deposit that has an annual interest rate of 4.5 percent. According to the rule of 72, what will your investment be worth after 16 years?
a. $550 b. $3,960 c. $1,100 d. $797.5 e. $1,200
If a supplier faces a perfectly horizontal demand curve and sets his price slightly higher than the demand curve itself, he can expect
a. no change in his total revenues b. everyone to begin buying his product c. a complete loss of revenues d. a new demand curve e. a relative increase in income