Gross domestic product is the market value of all the _______ in a given time period
A. goods and services bought by Americans
B. goods and services produced by American companies in all countries
C. final goods and services produced by all firms located in the United States
D. U.S.-produced goods and services bought in the United States
C Answer C is the definition of GDP.
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An increase in aggregate demand in the economy will have what effect on macroeconomic equilibrium in the long run?
A) The price level will rise, and the level of GDP will fall. B) The price level will rise, and the level of GDP will be unaffected. C) The price level will fall, and the level of GDP will fall. D) The price level will fall, and the level of GDP will rise.
A firm's total fixed cost equals $2,500 . The firm's average fixed cost at 1, 5, and 10 units of output, respectively, will be: a. $2,500, $2,500, and $2,500
b. $2,500, $500, and $250. c. $2,500, $12,500, and $25,000. d. $2,500, $1,250, and $250.