To Avoid Double-Counting Output in GDP Measures, _____ Are Excluded

question 206

Multiple Choice

To avoid double-counting output in GDP measures, _____ are excluded in GDP.

• A) services such as haircuts
• B) exports
• C) government spending
• D) raw materials

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Definitions:

Short Run

A period in economics during which at least one factor of production is fixed and cannot be changed.

Monopolistic Competitor

A firm that operates in a market with many competitors but differentiates its product from others, giving it some control over its price.

Short Run

Describes a period in economics where at least one factor of production is fixed and cannot be changed, limiting the adjustments a firm can make to its output.

Economic Profits

The surplus left to a business after deducting all costs, including opportunity costs, from its total revenues.