Which of the following is true of the gross domestic product (GDP) of a nation?
a. It can be measured by the stock of consumer goods in a nation at a particular point in time.
b. It can be measured by the stock of capital goods in a nation at a particular point in time.
c. It can be measured either by calculating the total spending on production or the total income from that production.
d. It is the sum of total spending on production and total income from that production.
e. It can be measured from the stock of wealth in the nation.
Question 2
Other things equal, assume consumer demand for children's toys increases. The result is a(n):
a. rightward shift in the market demand for labor curve in the toy industry.
b. increase in the marginal revenue product of firms in the toy industry.
c. increase in derived demand for workers in the toy industry.
d. all of these.
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