The gross domestic product is calculated by adding up the
A. value of all goods and services produced within the nation.
B. number of all tangible goods produced in a domestic economy.
C. value of services produced domestically and goods produced overseas.
D. value of all goods and services produced by domestic companies abroad.
Answer: A
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A subgame-perfect equilibrium is a Nash equilibrium that
a. cannot persist through several periods. b. involves only credible threats. c. consists only of dominant strategies. d. is unique.
According to the law of diminishing utility, _____
a. the same tax rate should be applied to every dollar b. the rich people should have a lower tax rate as compared to poor people c. the rich people should have a higher tax rate as compared to poor people d. the total burden on the society from a tax will be less if proportional taxation is used e. the poorer people should not be taxed at all