Gross domestic product is officially measured by adding together the:
a. quantity of each good and service produced by U.S. residents.
b. market value of all final goods and services produced within the borders of a nation.
c. quantity of goods and services produced by companies owned by U.S. citizens.
d. none of these.
b
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Cost-push inflation occurs
A) when the aggregate supply curve shifts to the left, while aggregate demand remains stable. B) when the aggregate demand curve shifts to the left, while aggregate supply remains stable. C) when the aggregate supply curve shifts to the right, while aggregate demand remains stable. D) when the aggregate demand curve shifts to the right, while aggregate supply remains stable.
If the Fed is using policy to combat inflation, what is likely to happen in the foreign exchange market and to the foreign exchange value of the dollar?
A) The demand for the dollar will increase and the foreign exchange value of the dollar will rise. B) The demand for the dollar will decrease and the foreign exchange value of the dollar will fall. C) The demand for the dollar will decrease and the foreign exchange value of the dollar will rise. D) The demand for the dollar will increase and the foreign exchange value of the dollar will fall.
The concept of price elasticity is applied to changes in:
A. quantity demanded, but not quantity supplied. B. quantity supplied, but not quantity demanded. C. both quantities supplied and quantity demanded. D. neither quantity supplied nor quantity demanded.
The accumulation of scientific evidence can
A. resolve normative disputes. B. resolve positive disagreements. C. determine whether one person's gain is more important than another person's loss. D. always settle disputes over public policy.