Gross Domestic Product (GDP) is defined as the market value of all goods and services purchased in the economy during a particular year
Indicate whether the statement is true or false
FALSE
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Middlemen have a comparative advantage in
A) lowering transaction costs. B) raising transaction costs. C) robbery and theft. D) tax evasion. E) buying products at a high price and selling them at a lower price.
To compute the CPI, the Bureau of Labor Statistics (BLS) compiles a "basket of goods" that ________; each price in the index is weighted by ________
A) are produced in the United States; an expenditure survey B) the average farmer produces; how long it takes for the particular good to reach the market C) the average urban consumer buys; the quantity of the good that goes into the basket D) only members of congress purchase; a "luxury" score E) is typical of consumers below the poverty line; the perceived quality of the good
Antitrust laws can restrain the abuse of monopoly power.
Answer the following statement true (T) or false (F)
If there are two goods and two countries, then one country can have
A) a comparative advantage in only one good. B) a comparative advantage in both goods. C) a higher opportunity cost of producing both goods. D) a lower opportunity cost of producing both goods.