Gross domestic product calculations count only final goods and services because:
A. these are the only goods and services that are purchased in an economy.
B. counting all goods and services would lead to double-counting of many activities.
C. it is difficult to measure the prices of intermediate goods produced.
D. one cannot calculate the quantities of intermediate goods produced.
Answer: B
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The supply of real GDP is a function of
A) the total expenditures of consumers, investors and government. B) the sum of wages, salaries, corporate profits, rents and interest. C) only the state of technology. D) the quantities of labor, capital and the state of technology.
Which of the following will not cause a shift in the medical care supply curve?
a. a change in the cost of medical school tuition. b. a change in the percentage of the population with health insurance. c. an change in the amount of student aid available to promising undergraduate students studying biology. d. A change in the number of high-profile medical malpractice lawsuits brought against physicians increasing the premiums on malpractice insurance. e. A wave of union activity that increases the average salaries of nurses nationwide.