Suppose the total market value of all final goods and services produced in economy X this year is $4 million. Of the $4 million worth of goods and services, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is
A) $4 million.
B) $3 million.
C) $1 million.
D) $7 million.
E) none of the above
A
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According to the above figure, what will the price level be in the new long-run equilibrium?
A) Less than 100 B) 115 C) 100 D) 110
The decreasing slope of a production function reflects
A) diminishing returns. B) rising unemployment. C) decreasing costs. D) increasing aggregate demand.
The rising cost of uninsured patients receiving treatment at hospital emergency rooms is one of the leading causes of the increase in health care spending as a percentage of GDP in the United States
Indicate whether the statement is true or false
If there is no single strategy that is best regardless of other players’ behavior:
A. there is no dominant strategy. B. the dominant strategy will be to defect. C. a noncooperative equilibrium is the only possible outcome. D. the game is called a Prisoners’ dilemma.