What is the best measure of the value of output of an economy?
A) NNP B) GNP C) GDP D) the GDP deflator
C
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If both the supply of labor and the demand for labor increase, then
A) potential GDP decreases. B) potential GDP increases. C) full employment decreases. D) the impact on potential GDP is uncertain
Due to adverse selection, very few lemons will be sold in the market for used cars
Indicate whether the statement is true or false
Demand is defined as
A) a schedule of how much of an item people will purchase at any particular price of that item during a specified time period, other things being constant. B) a specific quantity of an item that people want at a particular price of that item during a specified time period, other things being constant. C) a schedule of how much of a good or service people will purchase at any particular price of a different item during the specified time period, other things being constant. D) a specific quantity of a good or service that people will purchase at one particular price of another item during a specified time period, other things being constant.
All of the following are ways a government might protect monopoly rights except:
A. protecting intellectual property rights. B. subsidizing a state-owned entity. C. making it illegal to enter an industry. D. heavy taxation of potential competitors.