To avoid double counting when GDP is estimated, economists: # randomize
[A]. Use GDP deflator
[B]. Calculate value added at each stage of production
[C]. Use retail prices
[D]. Use price only intermediate goods
Answer: [B]. Calculate value added at each stage of production
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In the above figure, what is the equilibrium level of real GDP with government and the foreign sector?
A) $4.0 trillion B) $2.5 trillion C) $3.0 trillion D) $2.0 trillion
Ann Trepreneur was formerly a landlord, renting her building for $1,200 a month. She now uses her building for her own florist shop. Pick the true statement
A) The building costs Ann $1,200 per month. B) Ann incurs no opportunity cost on the building. C) Ann uses the building as a free good. D) None of the above is true.
As you eat a hamburger, there is less and less of it available for someone else to eat. This is the characteristic of nonexclusivity
Indicate whether the statement is true or false
The Environmental Protection Agency was created in
A. the 1930s. B. the 1990s. C. the 1980s. D. the 1960s.