To calculate GDP:
A. add the quantity of all goods and services sold in an economy in a year.
B. add the quantity of all final goods and services produced in an economy in a year.
C. weight the output of each good and service produced in an economy in a year by its price in that year and then total the result.
D. weight the output of each final good and service produced in an economy in a year by its price in that year and then total the result.
Answer: D
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After 2 years of operation, the workers in XYZ Co become more adept because of their repeating work. As a result, the average cost of production is lowered due to
A) economies of scale. B) increasing returns to scale. C) increasing marginal returns. D) learning by doing.
The demand curve is downward sloping because
A) the price must rise to induce firms to increase quantity supplied. B) a reduction in the price of a good causes individuals to increase their purchase of that good. C) an increase in the price will cause a leftward shift in the demand curve. D) all of the above.