Real Gross Domestic Product is
A) the amount of people unemployed divided by the total labor force.
B) the productivity of labor.
C) the most that can be produced when the economy's resources are fully employed.
D) the value of total production linked back to the prices of a single year.
D
Economics
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For a firm, what is the relationship between the quantity of input and quantity of output called?
a. the total-cost function b. the profit function c. the production function d. the quantity function
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If you buy a brand new, American-made laptop computer to use for taking notes in your economics class, then it will be classified in GDP accounting as
a. a business inventory b. a consumption expenditure c. an investment expenditure d. a household expenditure e. a service good
Economics