Gross domestic product understates the total production of final goods and services because of the omission of
A) intermediate goods. B) exports.
C) inflation. D) the underground economy.
D
Economics
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On any given day, ________ changes to achieve equilibrium in the money market
A) the nominal interest rate B) the price level C) the real interest rate D) the inflation rate E) real GDP
Economics
The figure above shows the costs for a grower in the perfectly competitive turnip market. If the price is $1,200 for a ton of turnips, the firm is
A) making an economic profit. B) making zero economic profit. C) incurring an economic loss. D) More information is needed to determine if the firm is making a positive economic profit, zero economic profit, or incurring an economic loss.
Economics