Gross domestic product is
a. the largest industry in an economy.
b. the money value of all final goods and services produced in a year.
c. the volume of goods and services which are subject to international trade.
d. goods and services produced by private companies.
e. non-market production of goods and services.
b
You might also like to view...
In order to predict behavior, economic models must be realistic.
Answer the following statement true (T) or false (F)
If marginal revenue equals marginal cost, the firm is maximizing profits as long as
A) the resulting profits are positive. B) marginal cost exceeds marginal revenue for greater levels of output. C) the average cost curve lies above the demand curve. D) All of the above are required.
A right-to-work law makes it illegal
A) to prevent union members from working in any firm. B) to fire a worker who has joined a union or who tries to organize a union at any firm. C) to inquire whether a prospective employee is a member of a union or not. D) for union membership to be a requirement for continued employment in any firm.
At the Great Exhibition in London (1851), American products were a primary attraction because they were:
a. elegantly designed. b. very long lasting. c. cheap and functional. d. handmade by skilled artisans.