In economics, the long run is considered to be
A. The time period when all costs are variable.
B. More than two years.
C. The time period when all costs are explicit.
D. One year.
Answer: A
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GDP is best defined as the ________ in a given time period
A) number of final goods and services produced within a country B) market value of the final goods and services produced within a country C) market value of the final goods and services consumed by a nation's citizens D) number of goods and services produced within a country E) market value of all the goods and services produced within a country
Currently, total government expenditures in the United States have totaled about:
a. one-tenth of GDP. b. one-fifth of GDP. c. 40 percent of GDP. d. one-half of GDP.
The major protection against sudden mass attempt to withdraw cash from banks is the:
a. Federal Reserve. b. Consumer Protection Act. c. deposit insurance provided by the FDIC. d. gold and silver backing the dollar.
An example of a good that is nonrival in consumption is:
A. a music CD. B. a radio broadcast of a song. C. a ticket to a concert. D. a guitar.