Suppose That the Total Market Value of All Final Goods

question 19

Multiple Choice

Suppose that the total market value of all final goods and services produced in a particular country in a given year is $500 billion,and the total market value of final goods and services sold is $450 billion.We can conclude that:

• A)inventories have increased by $50 billion
• B)GDP is $450 billion
• C)GNI is $450 billion
• D)inventories have fallen by $50 billion
• E)GDP is $50 billion

Discuss the advantages and disadvantages of lifestyle ventures and identify the paradoxical conflicts in the entrepreneurial process.

Understand the concept and advantages of microlearning for achieving learning outcomes.

Identify appropriate technology-based training methods for different organizational needs.

Recognize the importance and elements of virtual and technology-based training design.

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Definitions:

Elastic

Describes a situation where the quantity demanded or supplied of a good is sensitive to changes in price.

Short Run

A period in economics during which the quantity of at least one input (such as plant size) is fixed and cannot be changed.

Long Run

A period in economics sufficient for all markets to adjust to equilibrium, including the adjustment of all production factors and prices of inputs.

Cross-Price Elasticity

A measure of how the demand for one good changes in response to a change in the price of another good.