Genovia produced 10 million tonnes of wheat in a particular year. However, 1 million tonnes got infested with pests and had to be thrown away. How will this affect the calculation of the gross domestic product of the country for that year?
What will be an ideal response?
The quantity of wheat that had to be thrown away will not affect the calculation of GDP since depreciation is not included in the calculation of GDP.
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Assume thatthe market demand for organic tomatoesis modeled as QD= 104 – 2P and market supply is QS = 20 + 4P. If the actual price is set at $20 per pound, there is a _________ of _______ units of the good.
a. surplus; 36 c. shortage; 10 b. surplus; 26 d. none of the above
List four protectionist policies
What will be an ideal response?
The difference between disposable income and consumption spending is
A. transfer payments. B. personal taxes. C. net exports. D. personal investment. E. personal saving.
Economists consider the economy to be at "full employment" when there is no cyclical unemployment.
Answer the following statement true (T) or false (F)