The total market value of all final goods and services produced in a country in a year is:
A. NDP.
B. GDP.
C. NNP.
D. GNP.
Answer: B
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The airline and trucking industries came under regulation during the:
a. 1920s. b. 1930s. c. 1960s. d. 1970s.
The total quantity of goods and services demanded by households, firms, foreigners, and government at varying price levels is:
a. gross domestic product. b. aggregate demand. c. aggregate expenditure. d. total demand. e. total expenditure.
Given the strict quantity theory of money, if the quantity of money were decreased by 50 percent, prices would:
a. fall by 50 percent. b. rise by 50 percent. c. increase by 100 percent. d. decrease by 100 percent.
Suppose that monopolistically competitive firms in a certain market are experiencing losses. In the transition from this initial situation to a long-run equilibrium,
a. the number of firms in the market decreases. b. each existing firm experiences a decrease in demand for its product. c. each firm experiences an upward shift of its marginal cost and average total cost curves. d. each existing firm's average total cost falls to bring economic profit back to zero.