Which of the following best describes a nation's Gross Domestic Product?
A) the market value of all goods and services produced in the economy, including intermediate goods
B) the market value of all goods and services less depreciation
C) the constant dollar value of all goods produced in the economy during a year period
D) the total market value of all final goods and services produced in the economy during a year
D
You might also like to view...
Some economists argue that discrimination based on race and sex cannot lead to persistent wage differentials. What is their argument?
What will be an ideal response?
A monopolist is maximizing profit at an output rate of 1,000 units per month. At this output rate, the price that its customers are willing and able to pay is $8 per unit, average total cost is $5 per unit, and marginal cost is $6 per unit
It may be concluded that at this monthly output rate, marginal revenue is A) $5 per unit, and the monopolist earns zero economic profits. B) $6 per unit, and the monopolist earns economic profits of $2,000 per month. C) $6 per unit, and the monopolist earns economic losses of $1,000 per month. D) $6 per unit, and the monopolist earns economic profits of $3,000 per month.