Which of the following is included in gross domestic product for an economy in a given year?
A) the value of intermediate goods produced in that year
B) the value of used goods sold in that year
C) the value of final goods produced in that year
D) All of the above would be included in gross domestic product for an economy in a given year.
Answer: C
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Indicate whether the statement is true or false
In a labor market without an efficiency wage, minimum wage, or union wage, when the real wage rate exceeds the equilibrium real wage rate, there is a ________ of labor and the real wage rate will ________
A) surplus; fall B) shortage; fall C) shortage; rise D) surplus; rise E) surplus; not change because only efficiency wages or union wages can change.
Explain what a dual exchange rate system is
What will be an ideal response?
After a period of price stability in the 1990s, housing prices increased dramatically during 2002-2005 because
a. regulations designed to make housing more affordable increased the demand for housing and drove housing prices upward. b. regulations designed to make housing more affordable decreased the number of sub-prime loans and made home buying a safer investment. c. mortgage lending standards tightened, and therefore mortgage loans for housing were only available to buyers purchasing highly expensive homes. d. home buyers were putting more money down and requiring more return on their investment, driving housing prices up.