A nation's GDP is
A. The total amount of money in circulation.
B. The total market value of all intermediate goods and services.
C. The sum of value added at some stages of the production process.
D. C + I + G + (X - M).
Answer: D
You might also like to view...
The table above has the domestic demand and domestic supply schedules for a good. According to the table, the no-trade price of the good is
A) $4. B) $6. C) $8. D) $10. E) $2.
Cross-sectional data observed at several points in time is known as:
A) time series data. B) panel data. C) experimental data. D) none of the above.
When the price of sausages is $2.00 per pound, consumers buy 50 pounds of hamburger. When the price of sausages rises to $3.00 per pound, 60 pounds of hamburger are purchased
The cross price elasticity of demand between sausages and hamburger is approximately equal to A) +0.04. B) -0.45. C) +2.20. D) +0.45.
When a tax is imposed on a good for which both demand and supply are very elastic, a. sellers effectively pay the majority of the tax
b. buyers effectively pay the majority of the tax. c. the tax burden is equally divided between buyers and sellers. d. None of the above is correct; further information would be required to determine how the burden of the tax is distributed between buyers and sellers.