To calculate gross domestic product, you use the sum of the market values of all final goods and services produced in a given year. This means you
A) count the total number of final goods and services produced in the marketplace in that particular year and then add the numbers together.
B) count the total number of final goods and services produced in the marketplace from every year including that given year and then add the numbers together.
C) value the final goods and services at their market prices for that particular year, multiply them by the quantity produced that year, and then add the numbers together.
D) value the final goods and services at their market prices for that particular year, multiply them by the quantity produced from every year including that given year, and then add the numbers together.
C
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A consumer might consider in-line skates and elbow-pads to be
A) products with upward sloping demand curves. B) unrelated goods. C) complements. D) substitutes.
Taxes assessed on firms and employees on wages and salaries earned are called
A) dividend taxes. B) payroll taxes. C) corporate profits taxes. D) earned income taxes.