The following national income statistics are in billions of dollars
Refer to the above data. Gross domestic product in this economy is:
A.
$400 billion
B.
$442 billion
C.
$483 billion
D.
$517 billion
C.
$483 billion
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The value of total output and total income in the simple circular flow model
A) include only intermediate goods. B) are equal to each other. C) are measures of the economy's level of savings. D) are related in the sense that national income is less than national product.
At full-employment GDP,
A) the long-run aggregate demand curve is horizontal. B) the long-run aggregate demand curve is vertical. C) the long-run aggregate supply curve is horizontal. D) the long-run aggregate supply curve is vertical.
The negative relationship between the quantity demanded of a commodity and its price can be explained by the principle of
A) increasing total utility. B) contingent valuation. C) indifference analysis. D) diminishing marginal utility.
Rent control is a price _____.
Fill in the blank(s) with the appropriate word(s).