Gross domestic product is the sum of:
A. the market values of all final goods and services produced within a country in a given period of time.
B. all final goods and services produced by a country's citizens in a given period of time.
C. the market values of all final goods and services produced by a country's citizens in a given period of time.
D. the market values of all intermediate goods and services produced within a country in a given period of time.
Answer: A
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If the price in the market for a commodity is below the equilibrium price, the:
A) price will remain unchanged. B) price will decline to clear the market. C) quantity supplied exceeds the quantity demanded. D) quantity demanded exceeds the quantity supplied.
Determinants of the marginal productivity of labor include all of the following EXCEPT
A) talent. B) education. C) experience. D) location.