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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_______ 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.
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