GDP is the total market value of all final goods and services produced in a given time period within a nation's borders.
Answer the following statement true (T) or false (F)
True
GDP tracks production and is an important barometer of the economy's strength.
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Refer to Figure 2-7. Assume that in response to changing consumer demands, Apple cuts back on the production of traditional vehicles and increases its production of self-driving vehicles. This strategy is best represented by the
A) movement from J to G in Graph B. B) movement from L to K in Graph C. C) movement from E to F in Graph A. D) movement from H to J in Graph B.
Which of the following are the best examples of substitute goods?
a. personal computers and computer software programs b. milk and cookies c. Packard Bell and IBM personal computers d. hot dogs and mustard e. contact lenses and lens cleaning solutions