GDP does not directly include:
a. the value of final goods and services produced, but not sold, during a period.
b. the value of services rendered during a period
c. the value of intermediate goods sold during a period.
d. any of the above.
c
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The prices of several essential goods in Agraria almost doubled over the last decade. In order to satisfy the voters, the government of Agraria introduced price controls. What is likely to happen after the introduction of these price controls?
What will be an ideal response?
Since the 1970s, union membership in the U.S. has been
A) rising. B) remaining constant. C) declining. D) erratic.
Typical structure characteristics of interest to Industrial Organization researchers include
a. Barriers to entry b. Product differentiation among firms c. The number and size distribution of firms d. All of the above
An efficient solution to a pricing problem
A. makes both buyers and sellers better off than any other possible solution. B. may not be the socially “fair” solution. C. occurs when producers’ total cost of production equals consumers’ total utility from the output produced. D. maximizes the output of the good being priced.