Calculating Gross Domestic Product (GDP) by the expenditure approach requires summing the value of
A. all income paid to individuals.
B. all transactions in the economy.
C. all expenditures by individuals.
D. all final goods and services produced in the economy.
Answer: D
Economics
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The demand for labor depends on I. technology. II. the prices of other factors of production. III. the price of the product
A) I and II B) II and III C) I and III D) I, II and III
Economics
Minimum efficient scale refers to the lowest level of output at which
A) the firm can earn a profit. B) average cost is minimized. C) the firm will operate. D) the average cost curve is downward sloping.
Economics