Gross domestic product is equal to the market value of all goods and services
a. exchanged during a period.
b. produced domestically during a period.
c. produced by the citizens of a nation during a period.
d. produced domestically during a period minus the depreciation of productive assets.
B
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Which of the following groups believes that the money supply is the critical policy lever?
A. Marxists. B. Supply-siders. C. Monetarists. D. New classical economists.
In an open economy, the quantity demanded of bikes in the domestic market is ________.
A. 100,000 B. 20,000 C. 50,000 D. 80,000
_______ is the percentage change in the quantity of good A that is demanded as a result of a percentage change in the price of good B.
a. Elasticity of savings b. Cross-price elasticity of demand c. Income elasticity of demand d. Wage elasticity of labor supply
Environmental quality is
a. a public good. b. best improved through government's prohibiting externalities. c. maximized when costs of pollution are external. d. minimized when optimal levels of pollution are produced.