Economists monitor economic growth by keeping track of
a. the stock market
b. population growth
c. the total quantity of goods and services produced in the United States each year
d. the inflation rate
e. the distribution of income among U.S. states
C
Economics
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A product would be more demand price elastic:
a. the shorter the time the consumer has to adjust to price changes. b. the lower the price of the good. c. the fewer the number of good substitutes. d. the less the essential nature of the good. e. if the supply is more price elastic.
Economics
When calculating GDP, consumption makes up approximately
A. One-half of total output. B. Two-thirds of total output. C. One-third of total output. D. One-fifth of total output.
Economics