1. When a market does not produce an optimal allocation of resources, we refer to this as____________________. overallocation
2. The total value of goods and services produced by domestically owned factors of production in a given year is the

gross national product.

gross domestic product.

gross domestic income.

gross national income.

3.The gross national income and gross domestic product are virtually the same.

True

False

4.In the view of liberals, states on the average benefit equally from economic relationships.

True

False