________ is the market value of final goods and services produced in a country in a given period of time?
A) Gross national product
B) Gross domestic product
C) Net national product
D) Net domestic product
B
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Refer to Table 14-8. If the firms act out of individual self-interest, which prices will they select?
A) Brawny Juice will select a high price, Power Fuel will select a low price. B) Brawny Juice will select a low price, Power Fuel will select a high price. C) Both firms will select a high price. D) Both firms will select a low price.
The entrepreneur
A. runs his or her own business and risks his or her own money. B. does not necessarily run her or his own business nor risks her or his own money. C. runs his or her own business, but does not necessarily risk his or her own money. D. does not necessarily run her or his own business, but does risk her or his own money.
In a freely operating market system, queuing is most likely to occur when
A) selling necessities. B) the market clearing price increases. C) demand fluctuates unpredictably and quickly. D) demand increases gradually over time.
The percent increase in the CPI from one year to the next is a measure of the
A) GDP deflator. B) unemployment rate. C) real interest rate. D) inflation rate.