Adding the market value of all final and intermediate goods and services in an economy in a given year would result in:
A. The calculation of GDP for that year
B. The calculation of NDP for that year
C. An amount less than GDP for that year
D. An amount greater than GDP for that year
D. An amount greater than GDP for that year
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Transactions costs refer to
A) the cost of transporting goods from one destination to another. B) the raw material cost of production. C) the costs in time and other resources that parties incur in the process of agreeing to and carrying out an exchange of goods or services. D) the implicit costs of production.
In the short run, a negative demand shock will
a. decrease the price level but leave real GDP unchanged b. increase the price level but leave real GDP unchanged c. decrease both the price level and real GDP d. increase the price level and decrease real GDP e. decrease the wage rate