Gross Domestic Product measures the
A) quantity of the goods and services produced in a given year, listed item by item, within a country.
B) income of the business sector within a country.
C) market value of the final goods and services produced in a given year within a country.
D) measures the market value of the domestic labor in a given year within a country.
E) market value of the final goods and services consumed by households in a given year within a country.
C
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The table gives data for a nation. What is the amount of the country's GDP?
A) $6,000 billion B) $6,200 billion C) $6,900 billion D) $5,800 billion E) $6,600 billion
Assume you are working at a department store and you are told by the manager to cut prices by 20% for all the new women's sweaters that are currently priced at $50
What will be the new price of these sweaters? Suppose the manager tells you to raise the prices back up by 20%. What is the new price of the sweaters? Why is your answer not the same as the original price of the sweaters? What importance does this have for why the midpoint formula is used in calculating price elasticity?
If tolls on a toll road can be raised significantly before commuters will consider using a free alternative, demand for using the toll road must be
A) unit elastic. B) inelastic. C) perfectly elastic. D) elastic.
If a competitive firm is selling 500 units of its product at a price of $8 per unit and earning a positive profit, then
a. its average revenue is greater than $8. b. its marginal revenue is less than $8. c. its total cost is less than $4,000. d. All of the above are correct.