Gross domestic product is calculated by summing up
A) the total quantity of goods and services in the economy.
B) the total quantity of goods and services produced in the economy during a period of time.
C) the total market value of goods and services in the economy.
D) the total market value of final goods and services produced in the economy during a period of time.
Answer: D
Economics
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Suppose the economy is initially in the steady state. An increase in the depreciation rate (?) will cause
A) a reduction in K/N. B) a reduction in Y/N. C) a reduction in C/N. D) all of the above E) none of the above
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A decrease in the price of leather used to make shoes would cause the
a. demand for shoes to decrease. b. demand for shoes to increase. c. supply of shoes to decrease. d. supply of shoes to increase.
Economics