Gross domestic product is the total dollar value at current prices of all final and intermediate goods produced by a nation during a given time period
a. True
b. False
Indicate whether the statement is true or false
False
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The cross elasticity of demand is a measure of how
A) responsive consumers are to changes in the price of a product. B) responsive suppliers are to changes in the price of a product. C) demand for a product changes when the price of a substitute or complement changes. D) total revenue changes when the price of a product changes. E) demand for a product changes when income changes.
Which of the following is NOT correct about a single-price monopoly?
A) Maximum profit is found where demand is the most inelastic. B) Marginal revenue is negative when demand is inelastic. C) Marginal revenue is positive when demand is elastic. D) To sell more output, the firm must lower its price. E) To maximize its profit, the firm produces so that marginal revenue equals marginal cost.