GDP is measured in terms of market value because:
a. Actually, GDP is not measured as a market value. GNP measures market values.
b. Otherwise, it would be impossible to combine all the heterogeneous goods and services consumed in a nation.
c. Otherwise, it would be impossible to combine all the heterogeneous goods and services produced in a nation.
d. Otherwise, it would be impossible to combine domestically produced goods and services with foreign goods and services consumed by the public.
e. Otherwise, it would be impossible to separate the domestically produced goods and services from foreign goods and services consumed by the public.
.C
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A good which is nonrival and nonexcludable is
A) a public good. B) a private good. C) a social good. D) an externality.
Suppose that the marginal propensity to consume? (MPC) is .8 and there is an increase in investment spending of? $100,000. As a? result, equilibrium real Gross Domestic Product? (GDP) would increase by
A. ?$800,000. B. ?$100,000. C. ?$500,000. D. ?$20,000.
Without foreign trade, the dollars used to buy goods and services are included in the circular flow as consumption, investment, and government spending.
Answer the following statement true (T) or false (F)
The ________ to produce any given level of output is indicated by the point of tangency between an isocost line and the isoquant corresponding to that level of output.
A. least desirable way B. least costly way C. only possible way D. most costly way