Which of the following best describes a nation's Gross Domestic Product?
A. the total market value of all final goods and services produced in the economy during a year
B. the market value of all goods and services produced in the economy, including intermediate goods
C. the market value of all goods and services less depreciation
D. the constant dollar value of all goods produced in the economy during a year period
Answer: A
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One problem with conflicts of interest is that they can reduce the ________ in financial markets, thereby increasing ________
A) quantity of information; financial institutions' profits B) quantity of information; asymmetric information C) quality of information; asymmetric information D) quality of information; financial institutions' profits
Scarcity implies that
A. firms should be more efficient when producing goods. B. people must make choices. C. nonrenewable resources should never be used. D. people should limit their wants, since shortages exist.