In order to include many different goods and services in an aggregate measure, GDP is computed using, primarily,
a. values of goods and services based on surveys of consumers.
b. market prices.
c. quantities purchased by a typical urban household.
d. profits from producing goods and services.
b
Economics
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Product differentiation is a defining characteristic of
A) perfectly elastic demand. B) oligopoly. C) perfect competition. D) monopolistic competition.
Economics
The Solow model predicts that the standard of living in poorer nations will converge on that of richer nations through rapid capital formation that raises output per person
The introduction of technological change to the model ________ change this prediction because technology ________ assumed to be freely available to all countries. A) does, is B) does, is not C) does not, is not D) does not, is
Economics