Gross domestic product is the
A. most comprehensive measure of production of a nation’s resources.
B. total of goods and services purchased by consumers.
C. most comprehensive measure of total output in the United States.
D. most defined measure of net exports.
Answer: C
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The income effect in the work-leisure model induces a person to work less in response to higher wages, which tends to make the labor-supply curve slope backward
a. True b. False Indicate whether the statement is true or false
A positive externality
a. is a benefit to the producer of the good. b. is a benefit to the consumer of the good. c. is a benefit to someone other than the producer and consumer of the good. d. results in an optimal level of output.
Graphically, how does a monopolistically competitive firm determine its profit-maximizing price?
A. The firm determines its profit-maximizing output and then charges the price associated with the point on its demand curve directly above that quantity. B. The firm's pricing structure is set by government regulators. C. It accepts the price set by the industry-wide forces of supply and demand. D. Graphically, it finds the place where MR = MC and charges the price directly to the left of that point.
Assume that there is a 25% reserve requirement and that the Federal Reserve buys $4 billion worth of government securities. This action has the potential to increase the money supply by a maximum of ________.
A. $16 billion B. $14 billion C. $20 billion D. $1 billion