Which part of this definition for GDP is incorrect? GDP measures the
a. Market value of,
b. All final and intermediate goods and services,
c. Produced,
d. By domestically owned or foreign-owned resources,
e. Within nations' geographic borders.
.B
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When the Fed buys a $10,000 bond from a bond dealer
A) reserves of the banking system remain unchanged, but the money supply increases by $10,000. B) reserves of the banking system increase by $10,000, but the money supply will only be able to increase by something less than this amount. C) reserves of the banking system increase by $10,000, but the money supply can increase by more than $10,000. D) reserves of the banking system remain unchanged, but the money supply decreases by $10,000.
Economic profits are equal to accounting profits:
a. In all cases b. In no cases c. When implicit costs are zero d. When implicit costs equal explicit costs
The opportunity cost of a particular activity
a. is the same for everyone pursuing this activity b. may include both monetary costs and forgone income c. always decreases as more of that activity is pursued d. usually is known with certainty e. measures the direct benefits of that activity
Using the data in the above table, what is the real GDP for year 2010 (in billions of constant dollars)?
A. 9,250 B. 8,950 C. 8,500 D. 7,708