The expenditure approach to measuring 2000 GDP adds up all the incomes earned in the production of final goods and services in 2000
Indicate whether the statement is true or false
F
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The ability to control a scarce resource or input is a characteristic of perfect competition.
Answer the following statement true (T) or false (F)
If the Fed injects reserves into the banking system and they are held as excess reserves, then the money supply
A) increases by only the initial increase in reserves. B) increases by only one-half the initial increase in reserves. C) increases by a multiple of the initial increase in reserves. D) does not change.
For a firm to become a monopoly in an industry
A) barriers to entry must exist. B) the firm must charge higher prices than its competitors. C) the firm must produce a faulty product. D) the firm will engage in unfair practices to drive all competitors out of the market.
A decrease in supply will cause
a. an increase in demand. b. a decrease in demand. c. an increase in quantity demanded. d. a decrease in quantity demanded. e. a decrease in equilibrium price.