The most commonly used metric for measuring the value of a national economy is:
A. gross national income, or GNI.
B. gross national product, or GNP.
C. gross domestic product, or GDP.
D. gross domestic income, or GDI.
Answer: C
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If the production possibilities curve is a straight line,
A. opportunity costs rise as output of either commodity is expanded. B. resources are not equally productive in the production of both goods. C. opportunity costs are negative. D. resources can be moved from the production of one good to production of others with no loss of productivity.
What are the key factors that determine the profitability of a firm in a monopolistically competitive market?
What will be an ideal response?
The fact that developed countries have strong, widely attended university systems indicates that
(a) university expansion should be a development priority. (b) universities teach skills used on the job. (c) developing countries place too much stress on agriculture. (d) none of the above.
Value added is equal to the value of a firm's production minus
A) all of its costs of production. B) labor costs. C) investment expenditures. D) intermediate goods used in production.