What is the total money value of all goods and services evaluated at market prices called?
(a) Gross Domestic Product (GDP)
(b) Labor productivity
(c) Wealth
(d) Capita
(a)
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The supply curve indicates
a. the price that will be charged for each unit of a good or service b. how much people are willing to pay for a good or service c. the minimum price some seller must receive in order to supply each unit of a good or service d. the value of each unit of a good or service e. the maximum price some seller can expect to receive from supplying each unit of a good or service
The process of adjustment to a new long-run equilibrium in a perfectly competitive industry is complete when
a. no firms want to enter or exit the industry. b. every firm has adjusted its production process to make the most efficient use of its resources. c. investors in the industry receive the standard economy-wide rate of return on their investments. d. All of the above are correct.
Which of the following is a major pitfall to avoid when purchasing a home?
What will be an ideal response?
We can use macroeconomic analysis to:
A. learn how to balance a checkbook. B. study the choices made by households. C. understand marginal changes in the macroeconomy. D. understand why economies grow.