Which of the following is true?
a. GDP is a "flow" concept.
b. The purchase prices of both intermediate goods and final goods are included in GDP.
c. GDP measures economic welfare.
d. GDP is a measure of changes in the general level of prices.
a
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In which of the following markets do firms sell the same standardized product?
A. Four-door cars B. Desktop computers C. 2% milk D. Sandwiches
Net exports are negative when
A. imports exceed exports. B. depreciation exceeds exports. C. exports exceed imports. D. net exports exceed imports.
Developing countries do:
A. compete with one another for foreign investment, and this competition reduces the benefits from foreign investment. B. not compete with one another for foreign investment, because they have sufficient domestic saving to finance their investment needs. C. not compete with one another for foreign investment, because they lack the infrastructure to attract it in the first place. D. compete with one another for foreign investment, but this competition is beneficial to developing countries because it insures a more efficient allocation of resources.
Refer to the information provided in Table 6.1 below to answer the question(s) that follow. Table 6.1Number of Hamburgers per DayTotal UtilityMarginal Utility130?252?367?476?5?4Number ofSodas per DayTotal UtilityMarginal Utility120?235?347?457?5?7Refer to Table 6.1. The total utility of five hamburgers per day is
A. 76. B. 80. C. 96. D. indeterminate from this information.