GDP is the total market value of all final goods and services produced in a given time period within a nation's borders.
Answer the following statement true (T) or false (F)
True
GDP tracks production and is an important barometer of the economy's strength.
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The increased participation of married women in the work force reflects the increasing opportunity cost of not working
Indicate whether the statement is true or false
Which of the following is likely to shift the production possibilities curve outward? a. A change in preferences away from one of the goods and toward the other
b. An invention that reduces the amount of natural resources necessary for producing a good. c. The discovery of new natural resources. d. Both b. and c. are likely to shift the production possibilities curve outward.
A demand curve for concert tickets would show the
What will be an ideal response?
(Figure: Two SRAS Curves) The figure shows the AD-AS model with two SRAS curves. If the economy is initially at Point A and expected inflation rate remains unchanged, the economy can achieve a real GDP growth rate of 9% only by
What will be an ideal response?