In calculating gross domestic product, the Bureau of Economic Analysis uses the sum of the market value of final goods and services produced. This means that the BEA
A) values goods at their market prices, multiplies them by the quantity produced, and then adds them up.
B) values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up.
C) simply counts the total number of goods produced in the market place and then adds them up.
D) simply counts the total number of goods and services produced in the marketplace and then adds them up.
B
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As a firm hires more and more workers:
A) the value of marginal product of the additional workers eventually increases. B) the marginal product of the additional workers remains the same. C) the value of marginal product of the additional workers remains the same. D) the value of marginal product of the additional workers eventually decreases.
What is the consumption function? What factor leads to a movement along the consumption function?
What will be an ideal response?