Gross domestic product (GDP) measures the
A) number of final goods and services produced in the economy in a given time period.
B) number of final goods and services sold in the economy in a given time period.
C) market value of old and new final goods and services sold in the economy in a given time period.
D) market value of final goods and services produced in the economy in a given time period.
D
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Refer to the above figure. Suppose the economy is at point A. By the proper use of fiscal policy, the government can
A) boost taxes to shift LRAS through point A. B) increase government spending to get the economy to point B. C) raise income tax rates to get the economy to point C. D) reduce government spending to get the economy to point D.
When the supply of a good decreases and its demand increases by the same amount: a. Price will change in the same direction as the shift in demand
b. Price will change in the same direction as the shift in supply. c. Quantity exchanged will change in the same direction as the shift in supply. d. Quantity exchanged will change in the same direction as the shift in demand.