Gross domestic product is a measure of:
a. market value of a nation's capital assets (physical capital).
b. expenditures on and sales revenues derived from all goods and services exchanged during a period.
c. market value of the output produced during a period.
d. asset holdings of people and the happiness that they derived from the ownership of those assets.
c
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Demand elasticity equals quantity times price.
Answer the following statement true (T) or false (F)
Explain why a balanced budget has an expansionary effect on the economy
To eliminate an inflationary gap, the expenditure schedule should
a. shift upward. b. shift downward. c. become flatter. d. become steeper.
Marginal social cost is defined as marginal private cost
A. plus opportunity cost. B. plus marginal opportunity cost. C. minus incidental cost. D. plus incidental cost.