Answer: TRUE
Explanation: Gross Domestic Product ( GDP) can be described as the market value of all goods and services produced in a country within a particular time period which is usually a year.
The equation for finding GDP is given as -
GDP = Consumption + Investment + Government Spending + ( Exports - Imports)
Nominal GDP can be described as the market value of all goods and services produced in a country within a particular time period using current market prices.
Real GDP can be described as the market value of all goods and services produced in a country within a particular time period using base year prices. Using base year prices to calculate real GDP adjusts for inflation.
Answer:
The economic surplus will decrease by $2.20
Explanation:
$81.40 and $79.20 are <em>marginal </em>cost and benefit, which are the changes to total costs and total benefits due to producing and consuming one additional barrel of oil.
They can be used to calculate <em>change </em>to economic surplus, which is the change to the net economic value received by society, which is given by:
marginal benefit - marginal cost = $79.20 - $81.40 = - $2.20
Answer: False
Explanation:
Ethics are the moral principles which govern the behavior of a person. Ethics help us to know what is right or what is wrong.
Ethics Training program are done in order to enable workers to be able to identify and also deal with the ethical problems that they may face.
Therefore, the statement that "Ethics training programs typically teach how to disguise unethical behavior and not how to avoid unethical behavior" is false.
Colorado General Assembly.
