The total market value of final goods and services produced in an economy during a one-year period is
A) personal income. B) profit.
C) net national product. D) Gross Domestic Product.
D
Economics
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Economies of scale refer to the range of output over which
A) marginal cost exceeds average cost. B) the long-run average cost falls as output increases. C) the marginal product of labor diminishes. D) the long-run average cost is less than the short-run average total cost.
Economics
Efficient production can be carried out anywhere on or below the production possibilities frontier
a. True b. False Indicate whether the statement is true or false
Economics