The value of a basket of goods and services in 2010 and 2012 were $800 and $900, respectively. If 2012was the base year, the price index for this base year was _____

Gross domestic product is the market value of all the _______ in a given time period

A. goods and services bought by Americans B. goods and services produced by American companies in all countries C. final goods and services produced by all firms located in the United States D. U.S.-produced goods and services bought in the United States

For a resource in a perfectly competitive market, marginal revenue product is equal to the price of the resource

a. True b. False