Which of the following statements regarding the gross domestic product is true?
a. It is useful in comparing the overall performance of different economies at the same time
b. It measures aggregate income in an economy over a period of ten years.
c. It measures the value of all goods and services produced in the world during a given period.
d. It is a measure of an economy's price level during a particular year.
e. It records the cumulative value of all goods and services produced by domestically owned factors of production.
a
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Define allocative efficiency. Explain the significance of this concept in economics?
What will be an ideal response?
If the U.S. demand for British pounds increases,
a. the dollar price of a British pound will increase b. the dollar price of a British pound will decrease c. the exchange rate between dollars and pounds will be out of equilibrium d. the pound will fall in value against the dollar e. there will be no change in either the value of the dollar or the pound