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Author Question: Gross Domestic Product is defined to be the market value of all the final goods and services ... (Read 29 times)

RODY.ELKHALIL

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on: Jun 29, 2018
Gross Domestic Product is defined to be the market value of all the final goods and services produced during a given time period
 
  A) within a country.
  B) within and outside a country by that country's citizens.
  C) by citizens of the country, regardless of their place of residence.
  D) by only legal residents of the country.
  E) within a county minus the market value of all the final goods and services produced by that country's citizens outside the country.

Question 2

How does a government-regulated price floor set above the equilibrium price affect the quantity of the good demanded and supplied in the market?
 
  What will be an ideal response?


fromAlphatoOmega22

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

If the government sets a price floor on a good, the price of the good becomes higher than the equilibrium price. As a result, the quantity of the good demanded falls while quantity of the good supplied increases. This causes an excess supply of the good in the market.


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