The monetary value of all final goods and services produced by the United States economy during a year is:
a. DI
b. GDP
c. NDP
d. NI
Answer: b. GDP
You might also like to view...
Which of the following would most likely increase the demand for gasoline?
A. the expectation by consumers that gasoline prices will be lower in the future B. the expectation by consumers that gasoline prices will be higher in the future C. an increase in the price of gasoline D. a decrease in the price of gasoline
If firms pay employees an efficiency wage: a. absenteeism would be expected to decrease. b. turnover would be expected to increase
c. training costs would likely increase. d. more shirking on the job is likely to occur.
Which of the following is true of a perfectly competitive firm?
A. The firm is a price maker. B. If the firm wishes to maximize profits it will produce an output level in which marginal revenue exceeds marginal cost. C. The firm will not earn an economic profit in the long run. D. The firm's short-run supply curve is its MC curve below its AVC curve.
An increase in government spending is likely to lead to increasing inflation
A. under no circumstances. B. if the economy is doing well. C. if the economy is not doing well. D. regardless of the state of the economy.