42-4) Gross Domestic Product measures the A) quantity of the goods and services

Question

42-4) Gross Domestic Product measures the A) quantity of the goods and services produced in a given year, listed item by item, within a country B) income of the business sector within a country D) measures the market value of the domestic labor in a given year within a country E) market value of the final goods and services consumed by households in a given year within a country C) market value of the final goods and services produced in a given year within a 43-29. Some people do not ike market allocation because a. some people lose their jobs as their skills are no longer needed b. people who are not wlling and able to pay for something do not get that something c. people who need certain goods and services (e.g, medical care) are not able to obtain them d. some people experience a loss of income as their resources become replaced. e. All of these are reasons why people oppose market allocation 44-23) Which of the following is a finail good or service? A) tires purchased by Ford for use on one of their SUVs B) the new economics textbook you are using C) the hair gels used by a hair styist at the local hair salon D) the butter used by a chef to make butter cream frosting E) the taco shells purchased by Taco Bell for use in their tacos Use the figure below to answer the folowing question(s) MC ATC MR Quantity 45-43.Refer to the above graph. The profit-maximizing monopolist in it will set its price and output at A. 0Jand OV, respectively B. 0G and OY, respectively C. OG and OV, respectively D. 0H and OX, respectively

Explanation / Answer

Ans:

42) Option C

market value of the final goods and services produced in a given year with in a country.

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country during a period.

43) Option E

All of these are reasons why people oppose market allocation.

Market allocation means allocation and distribution of resources through trade in an economy.All of these are reasons why people oppose market allocation.

44) Option B

The new economics textbook you are using.

A final product is a product which is not used for further processing inorder to produce another .

45) Option A

OJ and OV, respectively

The profit maximizing output for a monopolist is where marginal revenue is equal to marginal cost.

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