Define and discuss GDP
What will be an ideal response?
GDP is the market value of all final goods and services produced within a country in a given time period. Only final goods and services are included. Goods produced as intermediate goods are excluded. The goods and services must be produced within the time period under consideration and so sales of used goods are excluded. The goods and services also are those produced within the country, so production by the country's firms that takes place in a foreign nation is not included.
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In describing the progress of the typical person in an economy, measuring the median income always does a better job than measuring the mean income
Indicate whether the statement is true or false
Is it true that in the long run it is impossible for firms functioning in a perfectly competitive market to earn positive economic profits? Explain your answer
What will be an ideal response?