« previous next »

Author Question: Gross Domestic Product is defined to be the market value of all the final goods and services ... (Read 77 times)

RODY.ELKHALIL

  • Hero Member
  • *****
  • Posts: 591
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

  • Sr. Member
  • ****
  • Posts: 345
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.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

When taking monoamine oxidase inhibitors, people should avoid a variety of foods, which include alcoholic beverages, bean curd, broad (fava) bean pods, cheese, fish, ginseng, protein extracts, meat, sauerkraut, shrimp paste, soups, and yeast.

Did you know?

According to the FDA, adverse drug events harmed or killed approximately 1,200,000 people in the United States in the year 2015.

Did you know?

Today, nearly 8 out of 10 pregnant women living with HIV (about 1.1 million), receive antiretrovirals.

Did you know?

Nearly all drugs pass into human breast milk. How often a drug is taken influences the amount of drug that will pass into the milk. Medications taken 30 to 60 minutes before breastfeeding are likely to be at peak blood levels when the baby is nursing.

Did you know?

Hypertension is a silent killer because it is deadly and has no significant early symptoms. The danger from hypertension is the extra load on the heart, which can lead to hypertensive heart disease and kidney damage. This occurs without any major symptoms until the high blood pressure becomes extreme. Regular blood pressure checks are an important method of catching hypertension before it can kill you.

Stock Market Question Stock Market Question
To find the derivative use product rule To find the derivative use product rule
Find the two integers that have a sum of 20 and a maximum product Find the two integers that have a sum of 20 and a maximum product
Stock Market Tracks Growth in GDP Stock Market Tracks Growth in GDP
Evaluate the first derivation of the following functions. Encircle your final answer. Evaluate the first derivation of the following functions. Encircle your final answer.
QTL mapping in domestic tomato QTL mapping in domestic tomato
Video: Interspecific Competition Relationship - Competitive & Niche Differentiation

For a complete list of videos, visit our video library