GDP is equal to the ________ value of all the final goods and services produced within a country in a given period of time
A) production
B) market
C) wholesale
D) retail
E) typical
B
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If the purchase of used goods was to be incorporated into measuring GDP using the expenditure approach, then
A) consumption spending would need to be adjusted for depreciation. B) it will be very difficult to assign a fair market value to a used good. C) we will have to account for the natural depreciation that a used good experiences. D) we also will have to account for spending on financial assets. E) we will be counting the value of the used goods both at the time of their production and at the time of their re-sale.
The reduction of the inflation rate is called
A) deflation. B) disinflation. C) unflation. D) reflation.
The choice on a production possibilities set that is socially preferred or the choice on an individual's budget constraint that is personally preferred displays allocative efficiency
a. True b. False Indicate whether the statement is true or false
Who bears the burden of an excise tax if demand is perfectly inelastic? What if supply is perfectly inelastic? Use graphs in your explanation.
What will be an ideal response?