Which one of the following statements about GDP is TRUE?
A. GDP can be calculated using the expenditures approach.
B. GDP can be calculated using the income approach.
C. The value of household production is excluded from GDP.
D. all of these.
Answer: D
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A profit maximizing firm in any type of market for its output would hire the quantity of labor at which
a. the marginal cost of output is equal to the marginal revenue product of labor, where MRP is sloping downward. b. the wage rate is equal to marginal revenue product, where MRP is downward sloping. c. the wage rate is equal to marginal revenue product, where MRP is still sloping upward. d. the difference between the wage rate and marginal revenue product is greatest.
The United States imposes tariffs
A) only on imports. B) only on exports. C) on both imports and exports. D) on imports, exports, and nontraded goods.
According to neuroeconomists, the limbic portion of the brain called the amygdala is more primitive and deals with emotion
a. True b. False Indicate whether the statement is true or false
If the money supply in the economy were at MS2, and the Federal Reserve Bank used open market operations to move money supply to MS1 the overall result in the economy would be:
A. Aggregate demand shifted in, causing GDP to fall. B. LRAS move to the FE level of output. C. Aggregate demand shifted out, causing GDP to rise D. Aggregate supply shifted in, causing GDP to fall.