The GDP is a measure of the market value of all final goods and services produced in the economy in a given time period.
Answer the following statement true (T) or false (F)
True
GDP measures the total production of final goods and services in an economy and is an important variable for comparing two economies.
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When the production possibilities frontier bows outward from the origin
A) some of society's resources are unemployed. B) opportunity costs are constant. C) opportunity costs are increasing. D) opportunity costs are decreasing.
Which of the following is not a characteristic of the broiler chicken industry?
A) A significant degree of industry concentration, with the four largest firms producing 40 percent of the industry's output. B) A significant degree of real and subjective product differentiation. C) An inability of individual firms to have any influence market price. D) A significant amount of advertising.
Which of the following is true of warranties?
A. They are not important costs in the business world. B. They increase contracting costs in the business world. C. They leave contracting costs unchanged in the business world. D. They reduce contracting costs in the business world.
Using the data in the above table, gross domestic product as calculated by the income approach equals ________
A) $2,333 B) $2,592 C) $2,925 D) $2,205