To determine how well an economy is doing, it is better to use
A. real Gross Domestic Product (GDP) figures.
B. Gross Domestic Product (GDP) figures measured by the expenditure approach.
C. nominal Gross Domestic Product (GDP) figures.
D. Gross Domestic Product (GDP) figures measured by the income approach.
Answer: A
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Given that the market wage rate is $50 and both the labor and the goods market are perfectly competitive, a profit-maximizing firm should hire an additional worker if:
A) the marginal product of the worker is 50 units. B) the value of marginal product of the worker is at least $50. C) the marginal product of the worker is less than 50 units. D) the value of marginal product of the worker is less than $50.
If consumer purchases of a good are highly sensitive to the price of the good, this is illustrated by a
a. demand curve that is relatively flat (more horizontal). b. demand curve that is relatively steep (more vertical). c. supply curve that is relatively flat (more horizontal). d. supply curve that is relatively steep (more vertical).
Money performs its job as a standard of value very well
A. in the short run. B. in the long run. C. in both the short and long run. D. in neither the short run nor the long run.
Steve raises bees to pollinate his orange trees. One of the bees just stung him. This is a(n)
A) private cost. B) social cost. C) opportunity cost. D) common property.