Gross domestic product is best described as the
A. measure of a nation’s total economic welfare.
B. national income, including nonmarket income.
C. sum of money values of all final output produced in the domestic economy within the year.
D. national output minus environmental damage.
Answer: C
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If the absolute price elasticity of demand for a product is greater than 1, then
A) consumers are relatively insensitive to price changes. B) consumers are relatively sensitive to price changes. C) there is a positive relationship between price changes and total revenue. D) producers are relatively insensitive to price changes.
The Marginal Propensity to Import (MPM) tells us:
(a) That society needs to import. (b) The proportion of each extra Euro of income that is spent on imports. (c) That the total volume of imports is constant over time. (d) The proportion of any extra income that will be spent on exports.