The value of final goods and services equals:
A. total business profits.
B. the sum of revenues from all sales.
C. total business spending.
D. the sum of the value added by all firms.
Answer: D
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The market for unskilled labor is illustrated in the figure above. The market is in equilibrium and then a minimum wage of $3 per hour is imposed. Unemployment will equal
A) 0 hours. B) 10 million hours per year. C) 20 million hours per year. D) 30 million hours per year.
In the figure above, if the government gives a voucher equal to $3,000 per year to each college student, how many students will be accepted?
A) 8 million per year B) 12 million per year C) 10 million per year D) 14 million per year
A perfectly competitive firm in a constant-cost industry produces 1,000 units of a good at a total cost of $50,000. If the prevailing market price is $48, the number of firms and the industry's output will decrease in the long run
Indicate whether the statement is true or false
Dominant strategies are often difficult to take because a better alternative could exist
Indicate whether the statement is true or false