Gross domestic product is the sum of:
A. the market values of all final goods and services produced within a country in a given period of time.
B. the market values of all intermediate goods and services produced within a country in a given period of time.
C. all final goods and services produced by a country's citizens in a given period of time.
D. the market values of all final goods and services produced by a country's citizens in a given period of time.
A. the market values of all final goods and services produced within a country in a given period of time.
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If the social cost of producing a good exceeds the private cost,
A) a negative externality exists. B) no externalities exist. C) a positive externality exists. D) the market is efficient.
If the economy is already producing its potential output, then, in the long run, any change in fiscal policy aimed at stimulating demand will simply increase the price level and have no impact on the output level in the economy
Indicate whether the statement is true or false
Personal income and Social Security payroll taxes are currently the largest sources of government revenue.
A. True B. False C. Uncertain
In the American Tobacco and Standard Oil cases, the Supreme Court
A. prohibited monopoly per se. B. prohibited certain illegal tactics. C. applied the rule of reason. D. had the government take over the oil and tobacco industries.