Which of the following is an accurate statement concerning the definition of GDP?
a. The term given period refers to a three-year period of time.
b. The term given period refers to a six month period of time.
c. The word final means a good is ready to be used in the ultimate way that has been
planned.
d. The word final means a good is ready to be packaged and shipped to retail stores.
c. The word final means a good is ready to be used in the ultimate way that has been
planned.
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If a product is a normal good, then its income elasticity of demand is
A) zero. B) positive. C) negative. D) indeterminate. E) greater than 1.
Which of the following macroeconomic variables would likely be affected by a fiscal policy?
a. The nominal interest rate b. The exchange rate c. The discount rate d. Employment e. Money supply
The use of abstraction in economic analysis is one of its primary weaknesses.
Answer the following statement true (T) or false (F)
When a firm or economy is operating efficiently, it is operating
a. outside its production possibilities frontier. b. inside its production possibilities frontier. c. on its production possibilities frontier. d. at the intersection of the production possibilities frontier and the vertical axis. e. at the intersection of the production possibilities frontier and the horizontal axis.